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IN RE ANCHORAGE NAUTICAL TOURS, INC.

BAP No. AK-91-1157 VAsJ, Bankruptcy Nos. A88-00831, A88-00832 and A88-00833, Adv. No. A88-00831-001 HAR.

145 B.R. 637 (1992)

In re ANCHORAGE NAUTICAL TOURS, INC., Alaska Cook Inlet Adventures, Inc. and Anchorage Harbormasters, Inc., Debtors. G. Otto HOLTA, Appellant, v. Gordon ZERBETZ, Trustee, Appellee.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Decided September 30, 1992.

Attorney(s) appearing for the Case

William D. Artus, Anchorage, Alaska, for appellant G. Otto Holta.

Erik LeRoy, Anchorage, Alaska, for appellee Gordon Zerbetz.

Before VOLINN, ASHLAND, and JONES, Bankruptcy Judges.

OPINION

VOLINN, Bankruptcy Judge:

OVERVIEW

The bankruptcy court granted the motion of the Chapter 11 debtor in possession to (a) execute an agreement to purchase a vessel and (b) continue to pay a $2,500 monthly salary to Holta, the debtor's president and majority shareholder. A potentially profitable business opportunity for the use of the vessel arose when, after the Exxon Valdez oil spill, vessels were being sought to be used in the cleanup...

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