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IN RE ALPHA-OMEGA COMMUNICATIONS, INC.

Bankruptcy No. 85-00793G, Adversary No. 85-0352G.

52 B.R. 846 (1985)

In re ALPHA-OMEGA COMMUNICATIONS, INC. d/b/a WGHW, 1110 AM, Debtor. Orey L. FERRELL, Jr., individually; in his capacity as an officer and shareholder of Alpha Omega Communications, Inc., Plaintiff, v. Basil COLLAMORE; individually; in his capacity as an officer and shareholder of Alpha Omega Communications, Inc. and Garnita M. Selby, Esquire; individually; in her capacity as an officer, shareholder and corporate counsel of Alpha Omega Communications, Inc., Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

September 12, 1985.

Attorney(s) appearing for the Case

Leonard Zack, Susan Greenspun, Philadelphia, Pa., for plaintiff, Orey L. Ferrell, Jr., individually; in his capacity as an officer and shareholder of Alpha Omega Communications, Inc.

Larry A. Colston, Philadelphia, Pa., for debtor/defendants, Alpha-Omega Communications, Inc., Garnita Selby and Basil Collamore.

OPINION

EMIL F. GOLDHABER, Chief Judge:

The first of two issues in the case at bench is whether after the filing of a chapter 11 petition a majority of the stock holders of a debtor may divest the president of the debtor from office. The second issue is whether a majority of the board of directors may issue to themselves stock after the filing of the petition due to their "revaluation" of a capital contribution made in cash at the time of incorporation and...

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