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IN RE LANDSEA MARKETING, INC.

Bankruptcy Nos. SA 85-02723 PE to SA 85-02727 PE, Adv No. M5-1450.

53 B.R. 436 (1985)

In re LANDSEA MARKETING, INC., Suisun Bay Terminals, Inc., Landsea Terminals, Inc., Landsea Holding Company, Landsea Oil Company, Debtors. BANQUE PARIBAS (NEW YORK BRANCH) a French corporation, Plaintiff(s), v. LANDSEA MARKETING, INC., Suisun Bay Terminals, Inc., Landsea Terminals, Inc., Landsea Holding Company, Landsea Oil Company, Defendants.

United States Bankruptcy Court, C.D. California.

October 10, 1985.

Attorney(s) appearing for the Case

Joel R. Ohlgren, Rogers & Wells, Los Angeles, Cal., for movant Banque Paribas.

Jeffrey C. Coyne, Kadison, Pfaelzer, Woodard, Quinn & Rossi, Los Angeles, Cal., for respondent/debtors.

MEMORANDUM OF DECISION

PETER M. ELLIOTT, Bankruptcy Judge.

The bank's motion for relief from stay came on regularly for hearing and was heard on September 16, and September 27, 1985 and submitted for decision. The bank is owed in excess of $68 million and the value of the collateral for the loan is less than one-half of that amount. The motion was tried on the theory that the bank was entitled to adequate protection based upon the value of the collateral...

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