FLETCHER, Circuit Judge:
Land West, Inc. ("Land West") appeals from the decision of the Bankruptcy Appellate Panel ("BAP") affirming the bankruptcy court's holding that it was not entitled to a commission as broker for the buyer in the trustee's sale of encumbered property.
We affirm the BAP's decision.
BACKGROUND
In March, 1988 the debtors, David and Caroline Haley, filed a Chapter 11 petition. California Federal Bank ("Cal Fed"), one of...
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