IN RE FCX, INC.

Bankruptcy No. S-85-10574-5, Adv. Nos. S-85-0302-AP, S-85-0367-AP, S-85-0368-AP, S-85-0355-AP, S-85-0373-AP, S-86-0021-AP, S-86-0020-AP and S-86-0050-AP.

62 B.R. 315 (1986)

In re FCX, INC., ID#: 56-0220040 Debtor. The PILLSBURY COMPANY, Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. MONSANTO COMPANY, Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. ARCHER DANIELS MIDLAND COMPANY, Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. CBP RESOURCES, INC., Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. EXXON CORPORATION, Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. UNION OIL COMPANY OF CALIFORNIA, Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. TEXASGULF CHEMICALS COMPANY, Plaintiff, v. FCX, INC., Defendant, and Columbia Bank for Cooperatives, and the Committee for Unsecured Creditors, Intervenors. KEYSTONE STEEL & WIRE COMPANY, A DIVISION OF KEYSTONE CONSOLIDATED INDUSTRIES, Plaintiff, v. FCX, INC., and Columbia Bank for Cooperatives, Defendants, and the Committee for Unsecured Creditors, Intervenor.

United States Bankruptcy Court, E.D. North Carolina.

June 4, 1986.


Attorney(s) appearing for the Case

John M. Reece, Lee, Reece, Weaver & Oettinger, Wilson, N.C., for Pillsbury Co.

Charles Robson, Jr., Foster, Conner & Robson, P.A., Raleigh, N.C., for Monsanto Co.

John M. Reece, Lee, Reece, Weaver & Oettinger, Wilson, N.C., for Archer Daniels Midland Co.

Sally A. Conti, Mount, White, King, Hudson & Carden, P.A., Durham, N.C., for CBP Resources, Inc.

Holmes P. Harden, Maupin, Taylor & Ellis, P.A., Raleigh, N.C., for Exxon Corp.

Holmes P. Harden, Maupin, Taylor & Ellis, P.A., Raleigh, N.C., for Union Oil Co. of California.

T. Carlton Younger, Jr., Sr. Counsel, Raleigh, N.C., for Texasgulf Chemicals Co.

Thomas W. Waldrep, Jr., Jacqueline R. Clare, Womble Carlyle Sandridge & Rice, Winston-Salem, N.C., for Keystone Steel & Wire Co.

A.P. Carlton, Jr., Sanford, Adams, McCullough & Beard, Raleigh, N.C., for FCX, Inc.

J. Larkin Pahl, Sp. Counsel, Smith, Debnam, Hibbert & Pahl, Raleigh, N.C., Howard Glassman, Philadelphia, Pa., for Columbia Bank for Cooperatives.

Lacy H. Reaves, Poyner & Spruill, Raleigh, N.C., for Unsecured Creditors' Committee.

Amos U. Priester, IV, Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, Raleigh, N.C., for Debenture Holders' Committee.


MEMORANDUM OPINION AND ORDER ALLOWING PARTIAL SUMMARY JUDGMENT

A. THOMAS SMALL, Bankruptcy Judge.

The matter before the court is the motion for summary judgment filed by defendant-intevenor, Columbia Bank for Cooperatives. A hearing was held in Raleigh, North Carolina on May 20, 1986.

The plaintiffs, The Pillsbury Company, Monsanto Company, Archer Daniels Midland Company, CBP Resources, Inc., Exxon Corporation, Union Oil Company of California, Texasgulf...

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