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IN RE ACE SPORTS MANAGEMENT, LLC.

Bankruptcy Nos. 00-43456M, 00-43455M. Adversary No. 00-4162M.

271 B.R. 134 (2001)

In re ACE SPORTS MANAGEMENT, LLC. In re Elbert Crawford, III. River Valley Bank of Russellville, Arkansas, Plaintiff, v. Ace Sports Management, LLC; Elbert Crawford, III; Derek Fisher; Ansu Sesay; Steve Conley; Anthony Hicks; David Sanders; National Bank of Arkansas; Union Bank of Bryant; Merchants and Planters Bank of Sparkman; Bonnie Johnson, Defendants.

United States Bankruptcy Court, E.D. Arkansas, Western Division.

November 28, 2001.

Attorney(s) appearing for the Case

Lance R. Miller, Mitchell Williams Selig Gates & Woodyard, Little Rock, AR.

Scott T. Vaughn, Hilburn Calhoon Harper Pruniski & Calhoun, Ltd., N. Little Rock, AR.

Darwin Davidson, Little Rock, AR.

Alex G. Streett, Russellville, AR.

James V. Coutts, Russellville, AR.

Isaac A. Scott, Jr., Wright Lindsey & Jennings, Little Rock, AR.

Randy Rice, Little Rock, AR, trustee.

Richard Ramsay, Grobmyer Ramsay & Ross, Little Rock, AR, trustee.

MEMORANDUM OPINION

JAMES G. MIXON, Bankruptcy Judge.

On September 25, 2000, Ace Sports Management, LLC ("Ace") and Elbert Crawford, III ("Crawford") were adjudicated Debtors under the provisions of Chapter 7 of the United States Bankruptcy Code by virtue of involuntary petitions filed against them by creditors. The majority owner of Ace is Crawford. Thereafter, various pending state court proceedings involving the two debtors were removed to this...

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