Financial Federal Credit Inc. v. Walter B. Scott & Sons, Inc. (In Re Walter B. Scott & Sons, Inc.)

MEMORANDUM OF DECISION

TERRY L. MYERS, Chief Judge.

INTRODUCTION

This is an adversary proceeding in which Financial Federal Credit Inc. (“FFCI”) seeks a declaratory judgment to the effect that its auction of certain logging equipment was commercially reasonable. Chapter 11 debtor in possession Walter B. Scott & Sons, Inc. (“Debtor”), who pledged the logging equipment as collateral to secure financing from FFCI, and Debtor’s four principals — Dennis Scott, James Scott, Bonnie Scott, and Kelly Scott (collectively “Individual Defendants”) — assert counterclaims against FFCI for violation of the…