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IN RE LANDBANK EQUITY CORP.

Bankruptcy No. 85-01541-N, Adv. No. 86-0727-N.

66 B.R. 949 (1986)

In re LANDBANK EQUITY CORPORATION, Debtor. Laurence H. LEVY, Trustee, Plaintiff, v. William Robert RUNNELLS, Jr., Marika Lody Runnells, a/k/a Marika Lahti Runnells, John Edward Runnells, Thomas Ebmeier, Kimberly Runnells Ebmeier, Stephen Z. Runnells, Robert D. Runnells, Lucille Runnells, Property Buyers, Incorporated, Runnington Investment Corporation, John Edward Properties, Inc., William Robert & Company, Kimberly & Company, Lody & Company, Mortgage Express, Inc., Richmond Equity Corporation, Sovran Financial Corporation of Virginia, Statewide Mortgages, Inc., Prime Financial Corporation, General Mortgage Corporation, Butler, Payne & Griffin, Thalia Meadows Holding Corporation, Property Holding Corporation, Runnington Holding Corporation, Defendants.

United States Bankruptcy Court, E.D. Virginia, Norfolk Division.

November 6, 1986.

Attorney(s) appearing for the Case

David H. Adams, Louis N. Joynes, II, of Taylor, Walker & Adams, Norfolk, Va., for plaintiff.

Barry R. Koch, Edward T. Caton, of Caton & Koch, P.C., Virginia Beach, Va., for defendants.

Tom C. Smith, Virginia Beach, Va., for John Edward Runnells and John Edward Properties, Inc.

EXHAUSTIVE OPINION AND ORDER

HAL J. BONNEY, Jr., Bankruptcy Judge.

Prologue

As with any word, it can be misapplied for the occasion, but the word saga seems to have salient application here. John Galsworthy spoke of The Forsythe Saga, M.R. Ridley of the Vikings, and McCarten even thought the story of the pilot who dropped the atomic bomb a saga.

The canvas upon which Landbank Equity Corporation splashed was unbelievably enormous...

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