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IN RE CAPTAINS COURAGEOUS, INC.

Bankruptcy No. 3-82-00022-JR, Adv. No. 3-82-0017-JR.

21 B.R. 134 (1982)

In re CAPTAINS COURAGEOUS, INC., a California corporation, doing business as CapCo, Inc., Pillar Point Fishing Trips, Pillar Point Bait and Tackle Shop, and formerly doing business as Pillar Point Marine Fuel, and The Seawitch Coffee Shop, Debtor. IFG LEASING, a corporation, Plaintiff, v. CAPTAINS COURAGEOUS, INC., a California corporation, CapCo Inc., a corporation, Walter W. Jaffee, an individual, and Frederick Jacobsen, an individual, in personam and The Motor Vessel Chubasco, her engines, tackle, apparel and equipment, in rem, Defendants.

United States Bankruptcy Court, N.D. California.

June 8, 1982.

Attorney(s) appearing for the Case

Law Offices of John T. Hansen, John T. Hansen, Richard E. Driscoll, San Francisco, Cal., for debtor.

George L. Waddell, George W. Nowell, Dorr, Cooper & Hays, San Francisco, Cal., for plaintiff.

OPINION AND ORDER

JACK RAINVILLE, Bankruptcy Judge.

I. FACTS

Debtor, Captains Courageous (CapCo), prior to the Chapter 11 proceeding, was in the sport fishing business operating fishing party boats out of the Half Moon Bay Area.

CapCo wished to expand its operation in the year 1979 by purchasing a larger vessel.

CapCo found the boat that it needed, a vessel named Chubasco, the subject to this litigation. The Chubasco was then owned...

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