In Re Ceiling Fan Distributor, Inc.

FINDINGS OF FACT

WESLEY W. STEEN, Bankruptcy Judge.(1) The Ceiling Fan Distributor, Inc. (debtor) incorporated on May 7, 1981.(2) Upon formation, and continuously since then, Lee Rowley owned 50% and Larry Bachuss owned 50% of corporate stock. They were the only directors of the company. .(3) About November 1981, Bachuss and Rowley had a dispute. Rowley left the company; Bachuss continued to operate it.(4) Rowley withdrew $23,000 from the company checking account and subsequently paid that sum to himself; Bachuss believes that this withdrawal was not properly authorized.(5) Rowley believes…