All American Holding Corp. v. Elgin State Bank

MEMORANDUM OPINION AND ORDER AFFIRMING BANKRUPTCY COURT

SPELLMAN, District Judge.

THIS is an appeal from the bankruptcy Court, the Honorable Thomas C. Britton, Bankruptcy Judge, Final Judgment dated April 16, 1981.

In this case, All American (Appellant) owned property called River Ranch, subject to a first mortgage by the Trustees of GAC Corporation (GAC), and a second mortgage by Elgin State Bank (Elgin). After default on all the mortgages, there was a foreclosure proceeding. GAC and Elgin reduced their mortgages to final judgment.

Meanwhile, All American filed a petition for Reorganization in…