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MATTER OF E. PAUL KOVACS AND CO., INC.

Bankruptcy No. 2-80-00816.

16 B.R. 203 (1981)

In the Matter of E. PAUL KOVACS AND COMPANY, INC., Debtor.

United States Bankruptcy Court, D. Connecticut.

November 24, 1981.

Attorney(s) appearing for the Case

Francis G. Pennarola, c/o Gager, Henry & Narkis, Waterbury, Conn., for debtor.

John B. Nolan, and James G. Green, Jr., c/o Day, Berry & Howard, Hartford, Conn., for The Connecticut Bank & Trust Co.

MEMORANDUM AND ORDER

ROBERT L. KRECHEVSKY, Bankruptcy Judge.

I.

The Connecticut Bank & Trust Company (CBT), a secured creditor, seeks an order pursuant to 11 U.S.C. § 1112(b), converting this chapter 11 case to a case under chapter 7. As cause, CBT alleged that:

(1) By reason of incompetence and gross mismanagement, prior and since entry of the Order for Relief herein, the debtor has continued to lose substantial amounts of money...

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