Panocean Southland Inc. v. Charter International Oil Co. (In Re Charter Co.)

FINDINGS OF FACT AND CONCLUSIONS OF LAW

GEORGE L. PROCTOR, Bankruptcy Judge.

Introduction

The plaintiff, Panocean Southland Incorporated (“PSI”), commenced this adversary proceeding by filing a complaint to determine extent and validity of lien (the “Complaint”) on November 9, 1984. In response to the Complaint, the debtor, Charter International Oil Company (“CIOC”), filed its amended answer, affirmative defense and counterclaim on March 29, 1985. On September 9, 1985, PSI filed its response to CIOC’s counterclaim.

The trial of this adversary proceeding was held on October 3, 1985. CIOC and PSI…