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IN RE PANAMA AIRWAYS, INC.

No. 28667.

429 F.2d 646 (1970)

In the Matter of PANAMA AIRWAYS, INC., Bankrupt. AIR CARRIER ENGINE SERVICE, INC., Petitioner-Appellant, v. Larry GILBERT, Trustee, Universal Trading Corporation, Respondents-Appellees.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied July 28, 1970.

Attorney(s) appearing for the Case

Sanford M. Swerdlin, Clewiston, Fla., for petitioner-appellant.

Richard R. Paige, Miami, Fla., for Universal Trading Corp.

Don G. Nicholson, Nicholson, Howard, Brawner & Lovett, Miami, Fla., for Larry Gilbert, as trustee for Panama Airways, Inc., Bankrupt.

Before TUTTLE, DYER and CLARK, Circuit Judges.

DYER, Circuit Judge:

Air Carrier Engine Service, Inc. (ACES) appeals from the District Court's denial of its Petition for Review filed pursuant to Bankruptcy Act, Section 39(c), 11 U.S.C.A. § 67(c). Petitioner ACES was a creditor of Aerovias Panama, S.A. (APA), which had leased two DC-6B aircraft from Universal Trading Corporation (UNIVERSAL) with options to buy the planes. ACES complains of an order of the Referee in Bankruptcy entered February 11, 1965, which...

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