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IN RE ARNOLD AND BAKER FARMS

BAP No. AZ-93-1577-AsRMe. Bankruptcy No. 86-1195-PHX-RTB.

177 B.R. 648 (1994)

In re ARNOLD AND BAKER FARMS, Debtor. UNITED STATES of America, on Behalf of the FARMERS HOME ADMINISTRATION, Appellant, v. ARNOLD AND BAKER FARMS and Western Cotton Services Corp., Appellees.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Decided December 30, 1994.

Attorney(s) appearing for the Case

Richard G. Patrick, Phoenix, AZ, for U.S.

Don A. Beskrone, Phoenix, AZ, for Arnold and Baker Farms.

Frederick K. Steiner, Jr., Phoenix, AZ, for Western Cotton Services Corp.

Before ASHLAND, RUSSELL and MEYERS, Bankruptcy Judges.

AMENDED OPINION

ASHLAND, Bankruptcy Judge:

The debtor's plan proposed a "dirt for debt" transfer to two lienholders encumbering the primary asset of the estate. The first position lienholder objected to the plan on the grounds that: (1) the plan erroneously estimated the value of the land to be exchanged; (2) the plan was not proposed in "good faith;" (3) the plan violated the "best interests of creditors" test; and (4) the plan was not "fair and...

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