Wolfe v. Leisure Time Sports, Inc. (In Re Leisure Time Sports, Inc.)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
ASHLAND, Judge:
Dr. Gerald Wolfe appeals an order of the bankruptcy court sustaining an objection to his claim and allowing a general prepetition unsecured claim against the estate for $470,-000. We reverse and remand.
STATEMENT OF THE FACTS
The salient facts of this case are not in dispute. The debtor Leisure Time Sports, Inc. and Dr. Gerald Wolfe entered into a memorandum of understanding in May 1991, wherein Dr. Wolfe was to purchase 5,000 shares of preferred stock of LTS Holdings, Inc.., the parent corporation of Leisure Time, for $500,000. The funds for the purchase were to be…
2Cases cited9 opinions
- Bankr. L. Rep. P 70,935 Vance L. Ragsdale v. John Frederick Haller AKA Fred HallerCourt of Appeals for the Ninth Circuit · 1986
- Carpenter v. LonganSupreme Court of the United States · 1873
- Yorke v. Citibank, N.A. (In Re BNT Terminals, Inc.)United States Bankruptcy Court, N.D. Illinois · 1991
- Kelley v. UpshawCalifornia Supreme Court · 1952
- Union Supply Co. v. MorrisCalifornia Supreme Court · 1934
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