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CARLTON v. FIRSTCORP, INC.

No. 91-1694.

967 F.2d 942 (1992)

Alfred P. CARLTON, Jr., Trustee in Bankruptcy as successor-in-interest to the debtor, Firstcorp, Inc., Plaintiff-Appellant, Office of Thrift Supervision, Plaintiff-Appellee, v. FIRSTCORP, INCORPORATED, Defendant-Appellant.

United States Court of Appeals, Fourth Circuit.

Decided June 2, 1992.

As Amended June 9 and August 12, 1992.

Attorney(s) appearing for the Case

Lacy H. Reaves, Poyner & Spruill, Raleigh, N.C. (Beth R. Fleishman, Poyner & Spruill, Raleigh, N.C., David G. Epstein, King & Spaulding, Atlanta, Ga., Alfred P. Carlton, Mark D. Martin, McNair Law Firm, Raleigh, N.C., on brief), for appellant.

Harvey Alan Levin, Office of Thrift Supervision, Washington, D.C. (Ivana Terango, on brief), for appellee.

Before SPROUSE, Circuit Judge, KISER, District Judge for the Western District of Virginia, sitting by designation, and BLATT, Senior District Judge for the District of South Carolina, sitting by designation.

OPINION

SPROUSE, Circuit Judge:

We are asked to decide whether regulatory action of the Office of Thrift Supervision (OTS) is precluded by bankruptcy's automatic stay provision, 11 U.S.C. § 362, after a thrift holding company has filed for Chapter 11 protection in bankruptcy. The district court, reversing a contrary ruling by the bankruptcy court, held that a provision of the Financial Institutions Supervisory Act of 1966, 12 U.S.C. § 1818(i)(1...

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