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  5. 873 F.2d 1302 (1989)
 

KAONOHI OHANA, LTD. v. SUTHERLAND

Nos. 87-2742, 87-1892 and 87-2680.

873 F.2d 1302 (1989)

KAONOHI OHANA, LTD., Plaintiff-Appellant, v. Nancy E. SUTHERLAND, Defendant-Appellee. In re KAONOHI OHANA, LTD., Debtor. Nancy E. SUTHERLAND; Donald Sutherland; Stephen Newnham, Trustees of the Ralph L. Evans Trust, Plaintiffs-Appellants, v. KAONOHI OHANA, LTD., Debtor-Appellee. In re KAONOHI OHANA, LTD., Debtor. Nancy E. SUTHERLAND; Donald Sutherland; Stephen Newnhan, Trustees of the Ralph L. Evans Trust, Plaintiffs-Appellants, v. KAONOHI OHANA, LTD., Sylvester Stallone, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided May 5, 1989.

Attorney(s) appearing for the Case

James T. Paul and Elizabeth Kent, Honolulu, Hawaii, for Kaonohi Ohana, Ltd.

Alexander C. Marrack, Honolulu, Hawaii, for Nancy Sutherland, Donald Sutherland and Stephen Newnham, Trustees of the Ralph L. Evans Trust.

David J. Dezzani and Ronald K.K. Sakimura, Honolulu, Hawaii, for Sylvester Stallone.

Before BROWNING, HUG and TROTT, Circuit Judges.

JAMES R. BROWNING, Circuit Judge:

These consolidated appeals arise out of a complex web of litigation pitting Nancy Sutherland and assignees against Sylvester Stallone and Kaonohi Ohana, Ltd., a creditor's corporation that sold the same parcel of Hawaiian beach front property first to Sutherland, then to Stallone.

I.

After agreeing to sell 5.5 acres of shoreline property on the island of Kauai to Sutherland, Kaonohi accepted a higher offer from Stallone...

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