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IN RE LANDMARK LAND CO. OF OKLAHOMA, INC.

Nos. 91-2715 to 91-2720.

973 F.2d 283 (1992)

In re LANDMARK LAND COMPANY OF OKLAHOMA, INCORPORATED, an Oklahoma Corporation, Debtor. LANDMARK LAND COMPANY OF CAROLINA, INCORPORATED, a Delaware Corporation; Clock Tower Place Investments, Limited, a California Corporation; Landmark Land Company of California, Incorporated, a Delaware Corporation; Landmark Land Company of Florida, Incorporated, a Delaware Corporation; Landmark Land Company of Louisiana, Incorporated, a Louisiana Corporation; Landmark Land Company of Oklahoma, Incorporated, an Oklahoma Corporation, Plaintiffs-Appellees, v. RESOLUTION TRUST CORPORATION, as Conservator for Oaktree Federal Savings Bank, Defendant-Appellant, Landmark Communities Committee, Incorporated, Intervenor, Official Unsecured Creditors' Committee, Intervenor, and Oaktree Savings Bank, S.S.B., a Savings Bank Chartered by the State of Louisiana, Defendant, United States Trustee, Party in Interest. In re LANDMARK LAND COMPANY OF OKLAHOMA, INCORPORATED, a Delaware Corporation, Debtor. LANDMARK LAND COMPANY OF CAROLINA, INCORPORATED, a Delaware Corporation; Clock Tower Place Investments, Limited, a California Corporation; Landmark Land Company of California, Incorporated, a Delaware Corporation; Landmark Land Company of Florida, Incorporated, a Delaware Corporation; Landmark Land Company of Louisiana, Incorporated, a Louisiana Corporation; Landmark Land Company of Oklahoma, Incorporated, an Oklahoma Corporation, Plaintiffs-Appellees, v. RESOLUTION TRUST CORPORATION, as Conservator for Oaktree Federal Savings Bank, Defendant-Appellant, and Oaktree Savings Bank, S.S.B., a Savings Bank Chartered by the State of Louisiana, Defendant, United States Trustee, Party in Interest. In re CLOCK TOWER PLACE INVESTMENTS, LIMITED, a California Corporation, Debtor. LANDMARK LAND COMPANY OF CAROLINA, INCORPORATED, a Delaware Corporation; Clock Tower Place Investments, Limited, a California Corporation; Landmark Land Company of California, Incorporated, a Delaware Corporation; Landmark Land Company of Florida, Incorporated, a Delaware Corporation; Landmark Land Company of Louisiana, Incorporated, a Louisiana Corporation; Landmark Land Company of Oklahoma, Incorporated, an Oklahoma Corporation, Plaintiffs-Appellees, v. RESOLUTION TRUST CORPORATION, as Conservator for Oaktree Federal Savings Bank, Defendant-Appellant, and Oaktree Savings Bank, S.S.B., a Savings Bank Chartered by the State of Louisiana, Defendant, United States Trustee, Party in Interest. In re LANDMARK LAND COMPANY OF CALIFORNIA, INCORPORATED, a Delaware Corporation, Debtor. LANDMARK LAND COMPANY OF CAROLINA, INCORPORATED, a Delaware Corporation; Clock Tower Place Investments, Limited, a California Corporation; Landmark Land Company of California, Incorporated, a Delaware Corporation; Landmark Land Company of Florida, Incorporated, a Delaware Corporation; Landmark Land Company of Louisiana, Incorporated, a Louisiana Corporation; Landmark Land Company of Oklahoma, Incorporated, an Oklahoma Corporation, Plaintiffs-Appellees, v. RESOLUTION TRUST CORPORATION, as Conservator for Oaktree Federal Savings Bank, Defendant-Appellant, and Oaktree Savings Bank, S.S.B., a Savings Bank Chartered by the State of Louisiana, Defendant, United States Trustee, Party in Interest. In re LANDMARK LAND COMPANY OF OKLAHOMA, INCORPORATED, an Oklahoma Corporation, Debtor. LANDMARK LAND COMPANY OF OKLAHOMA, INCORPORATED, an Oklahoma Corporation, Landmark Land Company of Carolina, Incorporated, a Delaware Corporation; Clock Tower Place Investments, Limited, a California Corporation; Landmark Land Company of California, Incorporated, a Delaware Corporation; Landmark Land Company of Florida, Incorporated, a Delaware Corporation; Landmark Land Company of Louisiana, Incorporated, a Louisiana Corporation, Plaintiffs-Appellees, v. RESOLUTION TRUST CORPORATION, as Conservator for Oaktree Federal Savings Bank, Defendant-Appellant, and Oaktree Savings Bank, S.S.B., a Savings Bank Chartered by the State of Louisiana, Defendant, United States Trustee, Party in Interest. In re LANDMARK LAND COMPANY OF FLORIDA, INCORPORATED, a Delaware Corporation, Debtor. LANDMARK LAND COMPANY OF CAROLINA, INCORPORATED, a Delaware Corporation; Clock Tower Place Investments, Limited, a California Corporation; Landmark Land Company of California, Incorporated, a Delaware Corporation; Landmark Land Company of Florida, Incorporated, a Delaware Corporation; Landmark Land Company of Louisiana, Incorporated, a Louisiana Corporation; Landmark Land Company of Oklahoma, Incorporated, an Oklahoma Corporation, Plaintiffs-Appellees, v. RESOLUTION TRUST CORPORATION, as Conservator for Oaktree Federal Savings Bank, Defendant-Appellant, and Oaktree Savings Bank, S.S.B., a Savings Bank Chartered by the State of Louisiana, Defendant, United States Trustee, Party in Interest.

United States Court of Appeals, Fourth Circuit.

Decided August 18, 1992.

As Amended October 5, 1992.

Attorney(s) appearing for the Case

Rex R. Veal, Powell, Goldstein, Frazer & Murphy, Atlanta, Ga., argued (G. Patrick Watson, Powell, Goldstein, Frazer & Murphy, Atlanta, Ga., Richard T. Aboussie, Associate Gen. Counsel, Mark P. Hileman, Acting Sr. Counsel, P. Matthew Sutko, Sr. Atty., Resolution Trust Corp., Washington, D.C., James S. Crockett, Jr., Edward E. Scher, Mays & Valentine, Richmond, Va., Lawrence W. Johnson, Jr., Adams, Quackenbush, Herring & Stuart, Columbia, S.C., on brief), for defendant-appellant.

Patrick Michael Duffy, McNair Law Firm, P.A., Charleston, S.C., argued (Michael M. Beal, McNair Law Firm, P.A., Charleston, S.C., John L. Douglas, R. Neal Batson, Dennis J. Connolly, David E. Brown, Jr., Alston & Bird, Atlanta, Ga., Michael Paul Kirschner, Hastie & Kirshner, Oklahoma City, Okl., Richard F. Broude, Mayer, Brown & Platt, New York City, Barnaby Zall, Williams & Jenson, Washington, D.C., on brief), for plaintiffs-appellees.

J. Mark Jones, Nelson, Mullins, Riley & Scarborough, Columbia, S.C., argued (Donald H. Stubbs, Thornwell F. Sowell, George B. Cauthen, on brief), for intervenors.

Before HALL and LUTTIG, Circuit Judges, and MICHAEL, United States District Judge for the Western District of Virginia, sitting by designation.

OPINION

K.K. HALL, Circuit Judge:

The Resolution Trust Corporation ("RTC"), as conservator of Oak Tree Federal Savings Bank ("New Oak Tree"), appeals the judgment of the district court enjoining it from exercising ownership rights over New Oak Tree's subsidiaries by initiating or convening a shareholders' meeting while the subsidiaries are under the protection of the bankruptcy court. We reverse and remand.

I.

The predecessor of New Oak...

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