McElhanon v. Greer (In Re Greer)

OPINION AND ORDER

VINCENT D. MAGGIORE, Bankruptcy Judge:

The facts in this case are undisputed. On October 13, 1973 the Plaintiffs obtained judgment against Charles Gilbert Harris in the amount of $200,000.00. On the day judgment was entered, Harris transferred his only asset to Greer consisting of Harris' stock in Southwest Restaurant Systems, Inc., an Arizona corporation. Thereafter, Southwest Restaurant Systems, Inc. filed a voluntary petition under Chapter XI of the Bankruptcy Act. The Chapter XI proceedings were ultimately converted to a Chapter X proceeding. A plan of reorganization was…