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MATTER OF MISSION MARINE ASSOC., INC.

Nos. 80-1371, 80-1372.

633 F.2d 678 (1980)

In the Matter of MISSION MARINE ASSOCIATES, INC., a corporation of the State of California authorized to do business in New Jersey, Debtor. Appeal of MISSION MARINE ASSOCIATES, INC. In the Matter of MISSION MARINE ASSOCIATES, INC., a corporation of the State of California authorized to do business in New Jersey, Debtor. A. J. Armstrong Company, Inc., Lazere Financial Corporation and Fuqua Industries, Inc., Appellants.

United States Court of Appeals, Third Circuit.

Decided October 30, 1980.

As Amended November 20 and November 24, 1980.

Attorney(s) appearing for the Case

Lehman & Wasserman, Robert B. Wasserman (argued and on brief), Millburn, N. J., for appellant, Mission Marine Associates, Inc.

Marvin Comisky, Morton Newman, Matthew J. Siembieda (argued), Homer Kripke, Sp. Counsel, Blank, Rome, Comisky & McCauley, Philadelphia, Pa., for appellants, A. J. Armstrong Co., Inc. and Lazere Financial Corp.

David N. Ravin (argued), Bernard Schenkler, Kathleen A. Tyrrell, Ravin & Kesselhaut, West Orange, N. J., Homer Kripke, Sp. Counsel, for appellant, Fuqua Industries, Inc.

Israel Packel, Leonard J. Schwartz, Jay G. Ochroch (argued), A. Fred Ruttenberg, Fox, Rothschild, O'Brien & Frankel, Philadelphia, Pa., Archer, Greiner & Read, Haddonfield, N. J., for appellee.

A. Bruce Schimberg, William F. Lloyd, Michael J. Sweeney, Sidley & Austin, Chicago, Ill., for National Commercial Finance Conference, Inc. as amicus curiae.

Before GIBBONS, WEIS and SLOVITER, Circuit Judges.

OPINION OF THE COURT

GIBBONS, Circuit Judge.

Mission Marine Associates, Inc., a debtor which filed a petition for an arrangement with its creditors pursuant to Chapter XI of the Bankruptcy Act (Mission Marine), and A.J. Armstrong Co., Inc., Lazere Financial Corporation and Fuqua Industries, Inc., secured creditors of Mission Marine (the secured creditors) appeal from orders of the United States District Court reversing an order of the Bankruptcy Court. The...

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