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IN RE EASTERN MAINE ELEC. CO-OP, INC.

Bankruptcy No. 87-20290.

121 B.R. 917 (1990)

In re EASTERN MAINE ELECTRIC COOPERATIVE, INC., Debtor.

United States Bankruptcy Court, D. Maine.

December 3, 1990.

Attorney(s) appearing for the Case

William C. Black, Public Advocate, Joanne B. Steneck, Maine Public Utilities Com'n, Augusta, Me., Louis H. Kornreich, Cross, Minsky, Mogul & Singal, Bangor, Me., John M. Grugan, Ferriter, Scobbo, Sikora, Caruso & Rodophele, Boston, Mass., Gary L. Blum, Olwine, Connelly, Chase, O'Donnell & Weyher, New York City, Mark Haley, Conley, Haley & O'Neil, Bath, Me., Peter B. McGlynn, Rosen, Crosson, McGlynn & Resnek, Boston, Mass., George W. Kurr, Jr., Logan, Kurr & Hamilton, Bangor, Me.

MEMORANDUM OF DECISION

JAMES B. HAINES, Jr., Bankruptcy Judge.

This opinion and order addresses a number of issues presently pending. Before discussing them specifically, a brief resume of the case will provide useful context.

A. Background.

This Chapter 11 case has been pending for over three years.1 The Debtor, Eastern Maine Electric Cooperative, Inc., (EMEC), is a rural electric cooperative

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