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IN RE DRAUGHON TRAINING INSTITUTE, INC.

Bankruptcy Nos. 89BK-13095-S11 through 89BK-13099-S11.

119 B.R. 927 (1990)

In re DRAUGHON TRAINING INSTITUTE, INC., Debtor. In re DRAUGHON BUSINESS COLLEGE, INC., Debtor. In re LOUISIANA BUSINESS COLLEGE OF TUPELO, INC., Debtor. In re LOUISIANA BUSINESS COLLEGE OF MONROE, INC., Debtor. In re TEXAS DRAUGHON INSTITUTE, INC., Debtor.

United States Bankruptcy Court, W.D. Louisiana, Shreveport Division.

June 18, 1990.

Attorney(s) appearing for the Case

Curtis R. Shelton, Cook, Yancey, King & Galloway, Shreveport, La., for plaintiff.

Molly D. Shannon, Asst. Atty. Gen., Austin, Tex., for Tex. Educ. Agency.

C. William Tayler and Carol S. Rabenhorst, Sachs & Tayler, Washington, D.C., and Christopher L. Zaunbrecher, Jeansonne and Briney, Lafayette, La., for Ass'n of Independent Colleges and Schools.

Elizabeth M. Harris, Office of Gen. Counsel, Washington, D.C., for U.S. Dept. of Educ.

MEMORANDUM RULING AND ORDER

STEPHEN V. CALLAWAY, Chief Judge.

The debtors-in-possession in these cases (hereinafter collectively referred to as "Draughon"), operate a number of proprietary schools in Texas, Louisiana and Mississippi. Draughon seeks to sell these schools to W.E. Walker, Inc., a Mississippi corporation (hereinafter "Walker"). The sale is contingent upon Walker's receiving licensing and accreditation from various state and federal agencies...

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