Show Ii f 15 i WILL BE SENSATIONAL t l i 1 If Jersey Judge Asked Permission to 1 Foreclose 816000000 Mortgage I 1 I j Against Shipbuilding Co I i i ii i I New York July 17 Judge Kirkpat t i rick sitting In the United States District II 1 Dis-trict court Klgned an order on application iI 1 i applica-tion of counsel representing the Mcr I cnntile Trust company oC New York I permitting that corporation to foreclose the 16000000 mortgage of the United I I I States Shipbuilding company held by It I i as trustee for bondholders The petition sets forth the default In payment of interest charges due early 1 In July The petition may be filed with i any United States District court and a I I day will then be fixed for argument by I I counsel for and against the allowance of the foreclosure Receiver James Smith Jr will open the suit I The order permitting the filing of the i petition has been anticipated by counsel I j representing the receiver and the legal battle to prevent the foreclosure when it takes place will be of a sensational i I i nature |