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MATTER OF PLEASANT VALLEY, INC.

Bankruptcy No. 79-00539, Adv. No. 80-0016.

6 B.R. 13 (1980)

In the Matter of PLEASANT VALLEY, INC., a Nevada Corporation, Debtor. William PAGNI, Mary Pagni, Elio Pagni, Albert Pagni, Roy Pagni, June Pagni, Vanna Pagni, Raymond Pagni, Robin Pagni, Plaintiffs, v. PLEASANT VALLEY, INC., Defendant.

United States Bankruptcy Court, D. Nevada.

May 19, 1980.

Attorney(s) appearing for the Case

Bruce D. Roberts, Cooke, Roberts & Reese, Reno, Nev., for plaintiffs.

Stephen R. Harris, Reno, Nev., for defendant.

OPINION AND DECISION

BERT M. GOLDWATER, Bankruptcy Judge:

This is an action to lift the automatic stay by the sellers of the Pagni ranch, using both grounds of Section 362(d).1

The Pagni ranch was appraised on March 5, 1977 for the sum of $1,053,000. On June 29, 1978, it was purchased by the debtor for $5,000,000, with $75,000 down, $925,000 to be paid in six months and the balance of $4,000,000 over a period of ten years...

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