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IN RE SYBARIS CLUBS INTERN., INC.

Bankruptcy No. 94 B 16498.

189 B.R. 152 (1995)

In re SYBARIS CLUBS INTERNATIONAL, INC., d/b/a Sybaris, Debtor.

United States Bankruptcy Court, N.D. Illinois, Eastern Division.

November 30, 1995.

Attorney(s) appearing for the Case

William J. Barrett, Gardner, Carton & Douglas, Chicago, IL.

Norman Rifkind, Beigel Schy Lasky Rifkind Fertik & Gelber, Chicago, IL.

MEMORANDUM OPINION

ERWIN I. KATZ, Bankruptcy Judge.

This matter is before the Court for Confirmation of Debtor's proposed Second Amended Plan of Reorganization ("Plan"), pursuant to 11 U.S.C. § 1129. For the reasons hereinafter set forth, confirmation will be denied.

BACKGROUND

Sybaris Clubs International, Inc. ("Sybaris" or "Debtor") is an Illinois corporation organized in 1985. Its sole shareholder is Kenneth Knudson...

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