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IN RE SWIFT AIRE LINES, INC.

Bankruptcy No. LA-81-11896(CA), Adv. No. LA-81-4979(CA).

20 B.R. 286 (1982)

In re SWIFT AIRE LINES, INC., Debtor. David Y. FARMER, Trustee, Plaintiff, v. CROCKER NATIONAL BANK, a National Banking Association, Defendant, and Justin Colin, an individual, Intervener.

United States Bankruptcy Court, C.D. California.

March 25, 1982.

Attorney(s) appearing for the Case

Sheppard, Mullin, Richter & Hampton, Los Angeles, Cal., for David Y. Farmer, Trustee, plaintiff.

Danning, Gill, Gould & Joseph, Los Angeles, Cal., for Crocker Nat'l Bank, defendant.

Irell & Manella, Los Angeles, Cal., for Justin Colin, intervener.

MEMORANDUM OF DECISION

CALVIN K. ASHLAND, Bankruptcy Judge.

Justin Colin bought an airline. He invested $1,775,000 in November 1980 to acquire an 80% ownership in Swift Aire Lines, Inc. He agreed to invest an additional $755,000 when such funds became necessary for the continued operation of Swift's business. The availability of the $775,000 was assured by a letter of credit which could be drawn upon if Colin did...

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