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IN RE UNITED COAL RESOURCES

Bankruptcy No. 80-01439-BKC-JAG, Adv. No. 80-0377-BKC-JAG-A.

10 B.R. 560 (1981)

In re UNITED COAL RESOURCES, a Maryland Limited Partnership, Debtor. BARCLAYSAMERICAN/BUSINESS CREDIT, INC., a Connecticut Corporation (f/k/a Aetna Business Credit, Inc., a New York Corporation), Plaintiff v. UNITED COAL RESOURCES, a Maryland Limited Partnership, Solomon & Teslovich, Inc., a Pennsylvania Corporation; Redstone Hauling Equipment Co., a Pennsylvania Corporation; George Solomon and George Teslovich, individually and trading and doing business as Solomon & Teslovich, a general partnership; Myra Teslovich Gaziano and Gerald R. Solomon, Defendants.

United States Bankruptcy Court, S.D. Florida.

March 25, 1981.

Attorney(s) appearing for the Case

Morris C. Brown, Brown, Malman & Salmon, Miami, Fla., for plaintiff.

John L. Britton, Britton, Cohen, Kaufman, Benson & Schantz, Miami, Fla., for defendant Solomon & Teslovich, Inc.

Herbert S. Stettin, Lapidus & Stettin, P.A., Miami, Fla., for United Coal Resources.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

JOSEPH A. GASSEN, Bankruptcy Judge.

This adversary proceeding arises out of a $4.5 million secured loan made by plaintiff BarclaysAmerican/Business Credit, Inc. to co-defendant United Coal Resources ("UCR") in September, 1979. The loan proceeds were used to pay part of a $12.5 million purchase price for certain assets owned by co-defendant Solomon & Teslovich ("S&T"). The remaining cash to close the transaction...

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