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IN RE CORAL PETROLEUM, INC.

Bankruptcy No. 83-02460-H2-5, Adv. No. 83-1953-H1.

50 B.R. 830 (1985)

In re CORAL PETROLEUM, INC., Debtor. CORAL PETROLEUM, INC., Plaintiff, v. Banque PARIBAS, Defendant, MBank Houston, N.A., Defendant Intervenor.

United States Bankruptcy Court, S.D. Texas, Houston Division.

June 17, 1985.

Attorney(s) appearing for the Case

Michael L. Cook, Dennis J. Drebsky, Timothy A. Nelson, Sally M. Henry of Skadden, Arps, Slate, Meagher & Flom, New York City, Lenard M. Parkins, Patrick L. Hughes of Sheinfeld, Maley & Kay, Houston, Tex., for plaintiff, Coral Petroleum, Inc.

Peter Langerman, Bruce Zirinsky of Weil, Gotshal & Manges, New York City, Alfredo R. Perez of Bracewell & Patterson, Houston, Tex., for defendant, Banque Paribas.

Frank LaBudde of Dotson, Babcock & Scofield, Houston, Tex., for defendant-intervenor, MBank Houston N.A.

Daniel H. Johnston, Jr., Mark Shaiken of Ross, Banks, May, Cron & Cavin, Houston, Tex., for Official Creditors Committee of Coral Petroleum, Inc.

MEMORANDUM OPINION AND ORDER

MANUEL D. LEAL, Bankruptcy Judge.

This matter, before the Court on plaintiff Coral Petroleum's complaint for a declaratory judgment raises several complex issues. The major issues are whether a 30 million dollar promissory note is to be classified as an instrument or a general intangible under the Uniform Commercial Code and whether the defendants Banque Paribas and MBank, N.A. properly...

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