Vanguard Airlines, Inc. v. Sarah & William Hambrecht Foundation (In Re Vanguard Airlines, Inc.)

MEMORANDUM OPINION AND ORDER

JERRY W. VENTERS, Bankruptcy Judge.

This matter comes before the Court on Vanguard Airlines, Inc.’s (“Debtor”) Motions to approve settlements to resolve certain secured and unsecured claims.

First, the Debtor has filed a Motion to Approve Settlement with Pegasus Aviation, Inc., TransMeridian Airlines, Inc., and Certain Affiliates of Pegasus Aviation, Inc. (collectively “Pegasus”). The Debtor seeks approval to compromise $300,000.00 of $700,000.00 in secured indebtedness in exchange for dropping litigation against Pegasus and giving it a $58,622,802.56 unsecured claim…