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IN RE SALEM MORTG. CO.

No. 85-1329.

791 F.2d 456 (1986)

In re SALEM MORTGAGE COMPANY, Fidelity Fund, Inc., Fidelity Securities Corp., Nationwide Mortgage Company, Debtors. Penny MILLER, Plaintiff/Counter-Defendant and Appellant, v. John A. OWSIANOWSKI, Ona Francis Benton, Clare W. Terrill, Virginia V. Terrill, Phyllis J. Smith, William Bugher and Dawn Bugher, Defendants, and Salem Mortgage Company and Thomas J. Barrow, Trustee for Salem Mortgage Company, Defendants/Counter-Plaintiffs and Appellees.

United States Court of Appeals, Sixth Circuit.

Decided May 27, 1986.

Attorney(s) appearing for the Case

Paul H. Steinberg (argued), Goldstein, Goldstein and Bershad, Southfield, Mich., for plaintiff/counter-defendant and appellant.

Francis C. Flood, Kemp, Klein, Endelman & Beer, P.C., Birmingham, Mich., Wright Blake (argued), for defendants/counter-plaintiffs and appellees.

Before MERRITT and WELLFORD, Circuit Judges and PECK, Senior Circuit Judge.

JOHN W. PECK, Senior Circuit Judge.

Salem Mortgage Company ("Salem") filed a petition for relief under Chapter 11 of the Bankruptcy Code on March 31, 1983 in the Eastern District of Michigan. Penny Miller is a member of the "mortgage investor" class of Salem's creditors. According to the stipulation of facts filed in the bankruptcy court by the parties to this appeal, Miller invested $25,000.00 in Salem on November 3, 1980 and was given a promissory note payable in...

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