IN RE NELCO LTD.

Bankruptcy No. 96-31500-T.

210 B.R. 707 (1997)

In re NELCO LTD., Chapter 11 Debtor-In-Possession.

United States Bankruptcy Court, E.D. Virginia, Richmond Division.

April 10, 1997.


Attorney(s) appearing for the Case

James K. Cluverius, Little, Parsley & Cluverius, P.C., Richmond, VA, for The Long Term Credit Bank of Japan, Ltd. and Creditanstalt Corporate Finance, Inc.

Miles Siegel, Simpson, Thacher & Bartlett, New York City, for The Long Term Credit Bank of Japan, Ltd.

Peter Feldman, Otterbourg, Steindler, Houston & Rosen, P.C., New York City, for Creditanstalt Corporate Finance, Inc.

Malcolm M. Mitchell, Jr., Murphy, McGettigan, Richards & West, Alexandria, VA, for CoreStates Bank, N.A.

Paul K. Campsen, Dennis T. Lewandowski, Kaufman & Canoles, P.C., Norfolk, VA, for Official Committee of Unsecured Creditors of Nelco Ltd.

Frank J. Santoro, Jane B. Wrightson, Marcus, Santoro & Kozak, P.C., Portsmouth, VA, for Nelco Ltd.


MEMORANDUM OPINION

DOUGLAS O. TICE, Jr., Bankruptcy Judge.

In this chapter 11 case, three bank creditors1 and the unsecured creditors' committee filed separate motions to appoint a trustee. In the alternative the banks' motion requests the conversion of the case to a chapter 7.

Hearing on the motions was held on November 15, 1996, at which the court heard testimony...

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