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IN RE ALDERSGATE FOUNDATION, INC.

No. 88-3598.

878 F.2d 1326 (1989)

In re ALDERSGATE FOUNDATION, INC., Debtor. Donald Carl CHURCH, et al., Plaintiffs-Appellants, Cross-Appellees, v. Lee Jay COLLING, Successor, Trustee, Aldersgate Foundation, Inc., Defendants-Appellees, Cross-Appellees, Securities & Exchange Commission, Defendant, Freedom Savings and Loan Association, Defendant-Appellee, Cross-Appellant.

United States Court of Appeals, Eleventh Circuit.

July 31, 1989.

Attorney(s) appearing for the Case

Johnie A. McLeod, McLeod, McLeod & McLeod, P.A., Apopka, Fla., for Donald Carl Church.

David W. Hedrick, Giles, Hedrick & Robinson, P.A., Orlando, Fla., for Freedom Sav. and Loan Ass'n.

Lee Jay Colling, Colling & Beattie, P.A., Douglas B. Beattie, Orlando, Fla., for Colling and Aldersgate Foundation, Inc.

Before HILL and EDMONDSON, Circuit Judges, and GARZA, Senior Circuit Judge.

EDMONDSON, Circuit Judge:

In this bankruptcy case, we reverse the district court's order and remand with instructions.

BACKGROUND

Before filing a petition for bankruptcy, the debtor, Aldersgate Foundation, Inc., issued first mortgage bonds pursuant to four separate Indentures of Trust. Each Indenture of Trust pledged as security one of four tracts of land: property in Kissimmee, Key West, Orange City and Englewood, Florida. The bondholders were secured...

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