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IN RE SACO LOCAL DEV. CORP.

Bankruptcy No. 81-9024.

19 B.R. 119 (1982)

In re SACO LOCAL DEVELOPMENT CORP., et al., Debtors. CREDITORS COMMITTEE, Appellant, v. ARMSTRONG BUSINESS CREDIT CORP., et al., Appellees.

United States Bankruptcy Appellate Panel for the First Circuit.

April 2, 1982.

Attorney(s) appearing for the Case

Gregory A. Tselikis and Charles E. Miller, with whom Bernstein, Shur, Sawyer & Nelson, Portland, Maine, were on brief for appellant.

Jon D. Schneider and Evan Jones with whom Goodwin, Proctor & Hoar, Boston, Mass, were on brief for appellees Armstrong Business Credit Corp. and Lazere Financial Corp.

Barry M. Portnoy and Lena G. Goldberg with whom Sullivan & Worcester, Boston, Mass., were on brief for appellee N.K.L. Tanning, Inc.

Before LAWLESS, Chief Judge, and VOTOLATO and GLENNON, Bankruptcy Judges.

LAWLESS, Chief Judge:

The bankruptcy court after hearings instructed the debtors herein to accept the last and final bid of N.K.L. Tanning Inc., appellee herein, to purchase certain assets of the debtors. The bid detailed the liens and encumbrances, security interest changes and restrictions to be assumed by the bidder, and stipulated that the assets be transferred to the bidder free and clear, except as to those obligations explicitly assumed by the bidder.

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