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IN RE SHEBA REALTY CORP.

Case No. 12-75455-dte.

In re: Sheba Realty Corp., Chapter 11, Debtor.

United States Bankruptcy Court, E.D. New York.

March 27, 2014.

Attorney(s) appearing for the Case

J. Ted Donovan, Esq. ; Kevin J Nash, Esq. , Goldberg Weprin Finkel Goldstein LLP, New York, NY, Attorneys for debtor Sheba Realty Corp.,

Richard J. Pilson, Esq. , Berliner & Pilson, Great Neck, NY, Attorneys for creditor ADHY Advisors, LLC.

MEMORANDUM OF DECISION

DOROTHY EISENBERG, Bankruptcy Judge.

Introduction

Secured creditor ADHY Advisor, LLC ("ADHY"), holds a first mortgage on certain real property of the above-captioned Debtor, located in Manhattan. After the Debtor filed for bankruptcy, ADHY filed Claim #3, a secured claim, in the amount of $3,167,017.81, which includes accumulated interest at the rate of 20% running from approximately April, 2010 through...

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