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IN RE DOMINION CORPORATION

BAP No. NC-95-1707-VRAs. Bankruptcy No. 92-30432TC. Adv. No. 94-3087TC.

199 B.R. 410 (1996)

In re DOMINION CORPORATION, fdba Dominion Systems, Inc., Debtor. Mohamed POONJA, Trustee, Appellant, v. CHARLES SCHWAB & CO., INC., Appellee.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Decided August 15, 1996.

Attorney(s) appearing for the Case

Barry Milgrom, Kevin W. Coleman, San Francisco, CA, for Appellant.

Bernard A. Burk, Mark A. Sponseller, San Francisco, CA, for Appellee.

Before: VOLINN, RUSSELL, and ASHLAND, Bankruptcy Judges.

OPINION

VOLINN, Bankruptcy Judge:

OVERVIEW

The principal of a chapter 11 debtor in possession used estate funds to open a securities account with appellee stockbrokerage firm in the debtor's name and used the account for his personal benefit without first seeking or obtaining bankruptcy court approval. The account provided a VISA debit card secured by the funds and securities in the account. Appellee debited the account for amounts paid...

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