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IN RE HOLIDAY MART, INC.

Nos. 81-4301, 81-4448.

715 F.2d 430 (1983)

In re HOLIDAY MART, INC., Debtor. Barbara KIRA, et al., Debenture Holders-Appellants, v. HOLIDAY MART, INC., Debtors-Appellees. In re HOLIDAY MART, INC., Debtor. Cynthia P. GARRIGUS, Elizabeth Reed Garrigus, Lawrence A. Borges, and Millicent B. Borges, Debenture Holders-Appellants, v. HONOLULU PROFESSIONAL SERVICES, Trustee-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided September 6, 1983.

Attorney(s) appearing for the Case

Thomas T. Watts, Kemper & Watts, Honolulu, Hawaii, for debenture holders-appellants.

Gregory P. Conlan, Chun, Kerr & Dodd, Honolulu, Hawaii, for debtors-appellees.

Before BROWNING, Chief Judge, and WRIGHT and WALLACE, Circuit Judges.

PER CURIAM:

Holders of subordinated debentures issued by the debtor appeal the bankruptcy court's order subordinating their claims to those of unsecured general trade creditors. We affirm.

Holiday Mart, Inc., a Hawaii corporation involved in retail merchandising and real estate development, sold approximately $3,500,000 in non-negotiable debentures to some 900 Hawaii residents between 1975 and 1977. The debentures were subject to terms and conditions printed...

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