IN RE CHEQNET SYSTEMS, INC.

Bankruptcy No. 97-40464 S, Adversary No. 97-4149.

246 B.R. 873 (2000)

In re CHEQNET SYSTEMS, INC. Larry Terry And Cheques, Inc., Plaintiffs, v. M. Randy Rice, Trustee, Defendant. M. Randy Rice, Trustee, Counterclaimant, v. Larry Terry And Cheques, Inc., Counterclaim Defendants.

United States Bankruptcy Court, E.D. Arkansas, Little Rock Division.

January 25, 2000.


Attorney(s) appearing for the Case

J.B. Cross, Little Rock, AR, for Plaintiff or Petitioner.

M. Randy Rice, Little Rock, AR, for Defendant or Respondent.


FINDINGS OF FACT AND CONCLUSIONS OF LAW

MARY D. SCOTT, Bankruptcy Judge.

I. FACTUAL BACKGROUND

Larry Terry owned and operated a collection agency, Cheques, Inc.1 At some time in the mid-1980's, he combined his agency with another agency, Recovery Systems, owned by Gerald Vaden. In September 1988, Terry, Vaden and Jack Wilson, the owner of the building Recovery Systems leased, combined to form Cheqnet Systems...

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