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IN RE PEOPLES LOAN & INVESTMENT COMPANY

Civ. A. No. FS-68-B-15.

292 F.Supp. 594 (1968)

In the Matter of PEOPLES LOAN & INVESTMENT COMPANY, Debtor.

United States District Court W. D. Arkansas, Fort Smith Division.

November 7, 1968.

Attorney(s) appearing for the Case

Ball & Gallman, Fayetteville, Ark., Franklin Wilder, Fort Smith, Ark., for bankrupt or debtor.

Warner, Warner, Ragon & Smith, Fort Smith, Ark., for creditor Jake, Jr., and Millie Partlow.

William M. Stocks, Fort Smith, Ark., for Richmond Life Ins. Co.

Dickey, Kennon, Lamm & Wilde, Tulsa, Okl., for respondents Jimmy J. Ryan and Community National Life Ins. Co.

Charles A. Beasley, Fort Smith, Ark., for First National Bank of Fort Smith.

Warner, Warner, Ragon & Smith, Fort Smith, Ark., for Guardian Life Ins. Co.

Daily & Woods, Fort Smith, Ark., for IRVRU, Inc.

Lester & Schults, Little Rock, Ark., for State Bank Commissioner.

Joseph L. Grant, Chicago, Ill., for Securities and Exchange Commission.

Bradley D. Jesson, Fort Smith, Ark., for Committee of Depositors.

Bethell, Stocks, Callaway & King, Fort Smith, Ark., for Investors Thrift Corp.

OPINION

WILLIAMS, District Judge.

On July 19, 1968, the Securities and Exchange Commission pursuant to Section 328 of the Bankruptcy Act, 11 U.S.C., Sec. 728 filed motion to dismiss Chapter XI proceeding unless, within a time specified by the Court, the debtor amends its petition, or a creditor's petition is filed, to bring the proceeding within Chapter X of the Bankruptcy Act, 11 U.S.C., Sec. 501 et seq.

Inasmuch as the Referee in Bankruptcy had...

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