Rutledge v. Verdigris Valley Economic Development Corp. (In Re Tulsa Industrial Facilities, Inc.)

MEMORANDUM OPINION

STEPHEN J. COVEY, Bankruptcy Judge.

This matter comes on for hearing upon the complaint of Plaintiff, William E. Rutledge, Trustee of the Estate of Tulsa Industrial Facilities, Inc. (“TIFI”), against Verdigris Valley Economic Development Corporation, Inc. (“Verdigris”). TIFI and Verdigris have competing secured claims to the collateral of Precision Tubulars, Inc. (“Precision”). A trial was conducted on July 26, 1995. At the conclusion of the trial, the Court took the matter under advisement.

STATEMENT OF FACTS

TIFI and Verdigris are both creditors of Precision. TIFI and…