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In re Oneida Lake Development, Inc.
Citation:114 B.R. 352 (Bankr. N.D.N.Y. 1990)
Debtor filed a voluntary petition on September 11, 1989. On November 11, 1989, debtor entered into a contract for the sale of its real property designated as the Wood Pointe Marina at Oneida Lake for the sum of $750,000. As of the date of filing, the debtor’s real property was encumbered by three mortgages, three judgments and delinquent real estate taxes totaling in excess of 1.3 million dollars. The debtor has commenced an adversary proceeding to set aside two of the three judgments. The third judgment is held by WPV. If all three judgments are set aside, a price price of not less than $750,000 will be substantially in excess of the remaining liens. Debtor has provided the court with an appraisal of the real property prepared in 1987 reflecting the fair market value at 1.25 million dollars.
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