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IN RE PRESTON LUMBER CORP.

Bankruptcy No. 95-11869.

199 B.R. 415 (1996)

In re PRESTON LUMBER CORPORATION, Debtor.

United States Bankruptcy Court, N.D. California.

August 19, 1996.

Attorney(s) appearing for the Case

Paul M. Jamond, Santa Rosa, CA, for Lessor Bessie Richardson.

Frandzel & Share, Randolph L. Howard, San Francisco, CA, for Secured Creditor Sumitomo Bank of California.

Buchalter, Nemer, Fields & Younger, Dennis D. Miller, San Francisco, CA, for Creditor The CIT Group/Equipment Financing, Inc. and The CIT Group/Industrial Financing, Inc.

Hanson, Bridgett, Marcus, Vlahos & Rudy, Paul F. Goldsmith, San Francisco, CA, for trustee.

John MacGregor, Trustee, Ukiah, CA.

MEMORANDUM

ALAN JAROSLOVSKY, Bankruptcy Judge.

The debtor's attempt to reorganize has failed, and John MacGregor has been appointed trustee and charged with liquidating the estate. He has retained an auctioneer for this purpose and a sale date has been set.

Creditor Sumitomo Bank has a lien on the debtor's sawmill equipment and rolling stock. This collateral in encumbered far in excess of its worth. Accordingly, the estate should have no interest...

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