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IN RE TRANSCONTINENTAL ENERGY CORP.

No. 81-5680.

683 F.2d 326 (1982)

In re TRANSCONTINENTAL ENERGY CORPORATION, a Nevada Corp., fka Oil Producers & Refiners, Inc., fka Transcontinental Power Co., Bankrupt. Owen E. JACKSON, Dr. S. H. Montgomery and George L. Naron, Appellants, v. PACIFIC ENERGY RESOURCES, Appellee.

United States Court of Appeals, Ninth Circuit.

Decided August 6, 1982.

Rehearing Denied September 30, 1982.

Attorney(s) appearing for the Case

Robert R. Hodges, Mix & Hodges, Redondo Beach, Cal., Ronald Gene Self, Arvin, Cal., for appellants.

Joseph L. Golden, Los Angles, Cal., argued, for appellee; O'Melveny & Myers, Los Angeles, Cal., Albright, McGimsey & Stoddard, Las Vegas, Nev., on brief.

Before BROWNING, Chief Judge, TANG and FARRIS, Circuit Judges.

FARRIS, Circuit Judge:

BACKGROUND

Transcontinental Energy Corporation went into bankruptcy in late 1977. Its assets included limited partnership interests in four oil producing properties. These were sold with the bankruptcy court's approval to appellee Pacific Energy Resources, a company whose controlling owner was Richard Young. After the sale, a group of Transcontinental's minority shareholders and creditors petitioned the bankruptcy court to set that...

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