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IN RE RINCON ISLAND LTD. PARTNERSHIP

Bankruptcy No. ND 98-14791 RR, Adversary No. 99-1174 RR.

253 B.R. 880 (2000)

In re RINCON ISLAND LIMITED PARTNERSHIP, Debtor. Christopher Ryan, as Litigation Trustee, and as Successor in Interest to the Official Committee of Unsecured Creditors of Rincon Island Limited Partnership, in the name and right of the estate of Rincon Island Limited Partnership and the estate of Windsor Energy U.S. Corporation, Plaintiff, v. Grayson Service, Inc., a California corporation, Defendant, and Rincon Island Limited Partnership, a Texas limited partnership, Nominal Defendant.

United States Bankruptcy Court, C.D. California.

October 10, 2000.

Attorney(s) appearing for the Case

Ali M.M. Mojdehi, Baker & McKenzie, San Diego, CA, for plaintiff.

Leroy W. Wirz, Grand Junction, CO, for defendant.

David A. Zkunkewicz, Andrews & Kurth, L.L.P., Houston, Texas, for Rincon Island.

Franklyn S. Michaelson, Michaelson, Susi & Michaelson, Santa Barbara, CA, for Windsor Energy.

Brian Fittipaldi, Santa Barbara, CA, U.S. Trustee.

MEMORANDUM OPINION

ROBIN L. RIBLET, Bankruptcy Judge.

The debtor, Rincon Island Limited Partnership (hereinafter "Rincon Island" or "debtor"), an oil and gas exploration and production business, owns and operates oil and gas wells and related offshore interests in the Rincon Island oil field in Ventura County, California. Windsor Energy U.S. Corporation (hereinafter "Windsor") is the general partner of Rincon Island. Windsor's principal asset is a 99.75...

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