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MATTER OF STANDARD OIL & EXPLORATION OF DELAWARE

Bankruptcy No. GG91-82102.

136 B.R. 141 (1992)

In the Matter of STANDARD OIL & EXPLORATION OF DELAWARE, INC., Debtor.

United States Bankruptcy Court, W.D. Michigan.

January 24, 1992.

Attorney(s) appearing for the Case

James M. Keller, Grand Rapids, Mich., for Standard Oil & Exploration of Delaware, Inc.

Perry Pastula, Wyoming, Mich., for Force Energy, Inc.

Mark Kehoe, Grand Rapids, Mich., for Wind River Enterprises, Inc.

Jerold Siegan, Chicago, Ill., for Sioux Falls Investors.

Robert Boyt, Chairman of Creditors' Committee.

OPINION REGARDING DEBTOR'S MOTION TO OBTAIN CREDIT BY ISSUANCE OF NOTES EXEMPT FROM SECURITIES LAWS

JAMES D. GREGG, Bankruptcy Judge.

I. ISSUES

May a chapter 11 debtor in possession issue preconfirmation administrative priority notes to obtain fresh capital? If so, are such notes exempt from the registration and prospectus delivery requirements of federal and state securities laws pursuant to 11 U.S.C. § 364(f)?1

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