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IN RE GARRETT MARINE, INC.

Bankruptcy No. 84-2742-8P7, Adv. No. 85-325.

86 B.R. 705 (1988)

In re GARRETT MARINE, INC., Debtor. PAT'S FANCY, II, INC., and George F. McKiernan, Plaintiffs, v. Lawrence KLEINFELD, Trustee, Clipper Sales, Inc., and Key Capital Corp., Defendants. CLIPPER SALES, INC., Plaintiff, v. Lawrence KLEINFELD, Trustee, Defendant.

United States Bankruptcy Court, M.D. Florida, Tampa Division.

May 19, 1988.

Attorney(s) appearing for the Case

Charles F. Ketchey, Jr., A. Denison Weaver, for plaintiffs Pat's Fancy, II, Inc. and George F. McKiernan.

Lawrence Kleinfeld, trustee/defendant.

Grant D. Petersen, Michael L. Gesas, for defendant Clipper Sales, Inc.

J. Eric Charlton, Richard R. Davidson, for defendant Key Capital Corp.

FINDINGS OF FACT, CONCLUSIONS OF LAW AND MEMORANDUM OPINION

ALEXANDER L. PASKAY, Chief Judge.

THIS IS the saga of a luxury yacht which, rather than ending up in a squall in the middle of the Atlantic Ocean, ended up in a very dry but heated storm in the Bankruptcy Court. This odd turn of events was the result of the financial demise of its creator, the yacht manufacturer, Garrett Marine, Inc. (Debtor), whose attempt to achieve rehabilitation under Chapter...

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