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MATTER OF NORTH AMERICAN CATTLE CO.

Bankruptcy No. HG 85 00266.

51 B.R. 822 (1985)

In the Matter of NORTH AMERICAN CATTLE CO., Debtor.

United States Bankruptcy Court, W.D. Michigan.

July 22, 1985.

Attorney(s) appearing for the Case

Day, Sawdey, Flaggert and Porter, James Frakie, Grand Rapids, Mich., for debtor.

Varnum, Riddering, Schmidt and Howlett, Jeffrey R. Hughes, Grand Rapids, Mich., for the Investors Committee.

Walsh, Miller, Rayman and Langeland, Steven L. Rayman, Kalamazoo, Mich., for the Trade Creditor Committee.

OPINION

LAURENCE E. HOWARD, Bankruptcy Judge.

The debtor has moved this Court for permission to disburse lease payments to the investors for whom the payments were collected. The trade creditors' committee objected that the investors were "de facto" owners of the debtor; therefore the lease payments would be property of the estate under 11 U.S.C. § 541, and the investors' claims would be subordinated under 11 U.S.C. § 510(b) & (c). The investors...

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