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  5. 593 F.2d 921 (1979)
 

MATTER OF GULFCO INV. CORP.

Nos. 77-2065 to 77-2067.

593 F.2d 921 (1979)

In the Matter of GULFCO INVESTMENT CORPORATION, and its wholly-owned subsidiary, Family Loan, Inc. of Springfield, Missouri, Gulf South Corporation, Intertek Financial Corporation and Aristocrat Motor Hotel of Hot Springs, Inc., Horseshoe Development Corporation, et al., and Delta Mortgage Corporation, et al., Debtors. FEDERAL DEPOSIT INSURANCE CORPORATION, Richard L. Pratt, William R. Pratt, and First National Citibank, Appellants, v. Dan HOGAN, Trustee, Appellee.

United States Court of Appeals, Tenth Circuit.

Decided February 7, 1979.

Rehearing Denied April 10, 1979.

Attorney(s) appearing for the Case

Norman E. Reynolds, Oklahoma City, Okl. (Jarrel D. McDaniel, Houston, Tex., on the brief), for appellant Federal Deposit Ins. Corp.

H. David Blair of Murphy, Blair, Post & Stroud, Batesville, Ark. (Phillip L. Savage of McKenney, Stringer & Webster, Oklahoma City, Okl., and Marvin D. Thaxton of Thaxton & Hout, Newport, Ark., on the brief), for appellants Richard L. Pratt and William R. Pratt.

Sam G. Bratton II of Doerner, Stuart, Saunders, Daniel & Langenkamp, Tulsa, Okl. (Sam P. Daniel, Jr. of Doerner, Stuart, Saunders, Daniel & Langenkamp, Tulsa, Okl., on the brief), for appellant First National Citibank.

James P. Linn of Linn, Helms, Kirk & Burkett, Oklahoma City, Okl. (Herbert Kenney of Linn, Helms, Kirk & Burkett, Oklahoma City, Okl., on the brief), for appellee Dan Hogan.

Grant G. Guthrie, Sp. Counsel, Securities and Exchange Commission, Washington, D. C. (David Ferber, Sol. to the Commission, Washington, D. C., and Sheldon B. Mazor, Sp. Counsel, Securities and Exchange Commission, Chicago, Ill., on the brief), for appellee Securities and Exchange Commission.

Before HOLLOWAY and DOYLE, Circuit Judges, and STANLEY, Senior District Judge.

WILLIAM E. DOYLE, Circuit Judge.

The matter before us is concerned with extensive proceedings pursuant to Chapter X of the Bankruptcy Act, which proceedings have been going on in court for a lengthy period of time without substantial progress. These proceedings were instituted in March 1974, on behalf of Gulf South Corporation and its subsidiaries. The extent of this corporate conglomerate is shown in outline form in the chart which is appended to this opinion. One...

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