DUNIWAY, Circuit Judge:
Bicrodyne became bankrupt and filed for reorganization under Chapter 11 in September, 1970. The plan which was formulated called for conversion of debt into stock. Carpenter, Bicrodyne's principal creditor, received 10.3% of Bicrodyne's voting stock, and, over the following two years, acquired a total of 95% of that stock. On September 15, 1977, Bicrodyne was merged into Carpenter, pursuant to Chapter 11 of the Cal.Corp.Code.
In December...
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