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IN RE TITUSVILLE COUNTRY CLUB

Bankruptcy No. 90-00860E, Motion No. 91-615.

128 B.R. 396 (1991)

In re TITUSVILLE COUNTRY CLUB, a Pennsylvania Non-Profit Corporation, Debtor. TITUSVILLE COUNTRY CLUB and Joseph E. Altomare, Movants, v. PENNBANK, United States of America, Internal Revenue Service, Commonwealth of Pennsylvania, Department of Revenue, Commonwealth of Pennsylvania, Department of Labor & Industry, Oil Creek Township, Borough of Hydetown, City of Titusville, Crawford County Tax Claim Bureau, Etonic, Inc., Aureus Ltd., Barry Mallory and Thomas J. McKinney, Respondents.

United States Bankruptcy Court, W.D. Pennsylvania.

July 5, 1991.

Attorney(s) appearing for the Case

Richard W. Roeder, Titusville, Pa., for Debtor.

Joseph E. Altomare, Titusville, Pa., pro se and for Debtor.

Guy C. Fustine, Erie, Pa., for Official Committee of Unsecured Creditors.

James M. Greenfield, Franklin, Pa., for Hasbrouck Sand & Gravel, Inc.

James H. Richardson, Erie, Pa., for Pennbank.

James R. Walczak, Erie, Pa., for Thomas J. McKinney.

WARREN W. BENTZ, Bankruptcy Judge.

OPINION1

Titusville Country Club, a Pennsylvania Non-Profit Corporation ("Debtor") filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on November 16, 1990. Debtor's assets consist of a golf course, club house, pro shop, bar, restaurant, and pool together with related equipment and supplies ("Assets").

The Debtor negotiated the sale of its Assets to Thomas J...

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