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IN RE VERCO INDUSTRIES

BAP No. 80-1042-KDH.

10 B.R. 347 (1981)

In re VERCO INDUSTRIES, a California Corporation, Debtor. VERCO INDUSTRIES, a California Corporation, Debtor-in-Possession, Plaintiff-Appellant, v. SPARTAN PLASTICS, a Partnership, Ernie J. Beigel, a General Partner, and Cecil Sills, a General Partner, Defendants-Appellees.

United States Bankruptcy Appellate Panels, Ninth Circuit.

Decided March 13, 1981.

Attorney(s) appearing for the Case

Robert A. Greenfield, Stutman, Treister & Glatt, Los Angeles, Cal., for appellant.

C.E.H. McDonnell, Tustin, Cal., for appellee.

Before KATZ, DAVIS and HUGHES, Bankruptcy Judges.

MEMORANDUM OF OPINION

KATZ, Bankruptcy Judge:

On September 24, 1979 Verco Industries, debtor-appellant, entered into an escrow contract with Spartan Plastics for the sale of certain machinery, tools and a building lease, all which were used in conjunction with the manufacture of 25 pound practice bombs. The consideration for the sale consisted of $125,595 cash, $85,000 worth of castings, $36,860 in a prepaid sublease, the assumption by Spartan of approximately...

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