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IN RE BAGWELL COATINGS, INC.

Bankruptcy No. 83-00348, Adv. No. 83-0251.

34 B.R. 193 (1983)

In re BAGWELL COATINGS, INC., Debtor. FIDELITY AND DEPOSIT COMPANY OF MARYLAND, Plaintiff, v. BAGWELL COATINGS, INC., and Fidelity National Bank of Baton Rouge, Defendants.

United States Bankruptcy Court, M.D. Louisiana.

September 30, 1983.

Attorney(s) appearing for the Case

Joseph R. Raggio, Taylor, Raggio & Sutherland, Baton Rouge, La., for Bagwell Coatings.

Eugene R. Preaus and Brent B. Barriere, Phelps, Dunbar, Marks, Claverie & Sims, New Orleans, La., for Fidelity and Deposit Co. of Maryland.

David S. Rubin, Kantrow, Spaht, Weaver & Blitzer, Baton Rouge, La., for Fidelity Nat. Bank of Baton Rouge.

STATEMENT OF THE CASE AND FINDINGS OF FACT

A. LEON HEBERT, Bankruptcy Judge.

Bagwell Coatings, Inc. (hereinafter referred to as "the debtor") filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code on June 3, 1983, and remained in possession of its assets.

Previously, the debtor had entered into a subcontract with Target Industrial, Inc. (hereinafter referred to as "Target") for the performance of certain work and the...

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