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IN RE COLORADO SPANISH PEAKS RANCH, INC.

Nos. 79-3533, 80-5257.

661 F.2d 759 (1981)

In re COLORADO SPANISH PEAKS RANCH, INC., Debtor. The TRAVELERS INSURANCE COMPANY, a Connecticut Corporation, Plaintiff-Cross-Defendant-Appellee, v. COLORADO SPANISH PEAKS RANCH, INC., etc., Defendant-Cross-Complainant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided November 16, 1981.

Rehearing Denied December 8, 1981.

Attorney(s) appearing for the Case

Marvin Neben, Neben & Starrett, Newport Beach, Cal., for defendant-cross-complainant-appellant.

Marc A. Levinson, Sidley & Austin, Los Angeles, Cal., for plaintiff-cross-defendant-appellee.

Before DUNIWAY, PREGERSON and CANBY, Circuit Judges.

DUNIWAY, Circuit Judge:

These are two appeals from orders of the district court in a proceeding under Chapter XI of the old Bankruptcy Act. We affirm.

I. Facts.

The facts underlying the first appeal, No. 79-3533, are these:

In July, 1973, the Travelers Insurance Company (Travelers) loaned $900,000.00 to Colorado Spanish Peaks Ranch (Spanish), taking a note, secured by a first mortgage on 29,000 acres of Colorado mountain ranch land...

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