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  5. 69 B.R. 112 (1986)
 

IN RE PACIFIC EXP., INC.

BAP Nos. EC 86-1024 MoVE, EC 86-1215 MoVE, Bankruptcy Nos. 2-84-00394-D-11, 2-84-00395-D-11.

69 B.R. 112 (1986)

In re PACIFIC EXPRESS, INC., a California corporation, Debtor. In re PACIFIC EXPRESS HOLDING, INC., a California corporation, Debtor. The UNSECURED CREDITORS' COMMITTEES OF PACIFIC EXPRESS, INC., AND PACIFIC EXPRESS HOLDING, INC., etc., Plaintiffs/Appellees, v. PIONEER COMMERCIAL FUNDING CORPORATION, etc., Defendants/Appellants.

United States Bankruptcy Appellate Panels of the Ninth Circuit.

Decided December 24, 1986.

Attorney(s) appearing for the Case

Joel Zeldin, Leslie Tchaikovsky, Karen Leaf, Dinkelspiel, Donovan & Reder, San Francisco, Cal., Mark Gorton, McDonough, Holland & Allen, Sacramento, Cal., for defendants/appellants.

Edward J. Tredinnick, Phelan, Stuppi, Sorensen & McQuaid, San Francisco, Cal., for plaintiffs/appellees.

Before MOOREMAN, VOLINN and ELLIOTT, Bankruptcy Judges.

MOOREMAN, Bankruptcy Judge:

By this appeal, appellants Pioneer Commercial Funding Corporation and 66 loan participants challenge the bankruptcy court's subordination of their claims. In its order concerning cross-motions for summary judgment, the bankruptcy court ruled in favor of the plaintiff unsecured creditors' committee, finding a loan transaction to be an equity participation by the investors rather than a secured loan. See In re Pacific Express, Inc.,

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