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IN RE ARCTIC ENTERPRISES, INC.

Bankruptcy No. 3-81-00280, Adv. No. 81-0266.

17 B.R. 839 (1982)

In re ARCTIC ENTERPRISES, INC., Arctic Industries, Inc., Scorpion Industries, Inc., The Get Away, Inc., Arctic Marine, Inc., Arctic Marine Products, Inc., Arctic Recreational Products, Inc., Arctic Sports Products, Inc., Arctic Lund, Inc., Arctic International Sales Corp., Debtors. ARCTIC ENTERPRISES, INC., Arctic Industries, Inc., Scorpion Industries, Inc., The Get Away Inc., Arctic Marine, Inc., Arctic Marine Products, Inc., Arctic Recreational Products, Inc., Arctic Sports Products, Inc., Arctic Lund, Inc., and Arctic International Sales Corp., Plaintiffs, v. FOX LAKE HARBOR and State Bank of Antioch, Defendants.

United States Bankruptcy Court, D. Minnesota, Third Division.

February 25, 1982.

Attorney(s) appearing for the Case

Robert V. Atmore of Lindquist & Vennum, Minneapolis, Minn., for plaintiffs.

Stephen A. Bard of Bard & Bard, Ltd., Minneapolis, Minn., for defendant, Fox Lake Harbor.

James H. Levy of Oppenheimer, Wolff, Foster, Shepard & Donnelly, St. Paul, Minn., for defendant, State Bank of Antioch.

JACOB DIM, Bankruptcy Judge.

At the pretrial conference, it was stipulated by the parties that the essential facts were undisputed and the parties submitted briefs on the legal issues raised thereby. Based on the facts as stipulated and on the papers and records herein, the Court makes the following:

FINDINGS OF FACT

1. The plaintiff filed for relief under chapter 11 of the Bankruptcy Code on February 17, 1981.

2. The plaintiff, prior to...

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