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Legal Opinion

In Re New Era Co.

District Court, S.D. New York

Decided April 19, 1991No. 90 Civ. 5498, 90-B-20362PublishedCited by 22 opinions

1Opinion of the Court

OPINION

GOETTEL, District Judge:

I. FACTS

In February 1988, Bank Audi (U.S.A.) (the “Bank”), a New York corporation, loaned $615,000 to New Era Company (“New Era”), a New York general partnership, for the purchase of a five-story residential building in Manhattan. The property is the sole partnership asset and is now worth approximately $650,000. It is unclear precisely what the property was worth at the time the loan was made, but a Bank officer has testified that it was worth somewhat less than the amount of the loan. See infra note 4. A promissory note was signed by the four general partners…

2Cases cited12 opinions

  1. United Sav. Assn. of Tex. v. Timbers of Inwood Forest Associates, Ltd.Supreme Court of the United States · 1988
  2. In Re Eli Kenneth Mellor and Lisa Mellor, Debtors. Raymond G. Pistole and Raymond R. Bragg v. Eli Kenneth Mellor and Lisa MellorCourt of Appeals for the Ninth Circuit · 1984
  3. In Re Timbers Of Inwood Forest Associates, Ltd.Court of Appeals for the Fifth Circuit · 1987
  4. James P. Stewart, Trustee of the James P. Stewart and Jeanne F. Stewart Trust v. Phillip S. Gurley Dba Modoc RockCourt of Appeals for the Ninth Circuit · 1984
  5. First Agricultural Bank v. Jug End in Berkshires, Inc. (In Re Jug End in the Berkshires, Inc.)United States Bankruptcy Court, D. Massachusetts · 1985

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3Cited by22 opinions

  1. Sumitomo Trust & Banking Co. v. Holly's, Inc. (In Re Holly's, Inc.)United States Bankruptcy Court, W.D. Michigan · 1992
  2. In Re Pegasus Agency, Inc., Debtor. Pegasus Agency, Inc. v. Nicholas Grammatikakis, Also Known as Nicholas GrammasCourt of Appeals for the Second Circuit · 1996
  3. In Re Colonial Center, Inc.United States Bankruptcy Court, E.D. Pennsylvania · 1993
  4. Evergreen Bank, N. A. v. DashnawAppellate Division of the Supreme Court of the State of New York · 1998
  5. In Re Westerleigh Development Corp.United States Bankruptcy Court, S.D. New York · 1992

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