In Re Spectrum Arena, Inc.

OPINION

HIGGINBOTHAM, District Judge.

I

On May 1, 1968, the Spectrum Arena, Inc., (hereinafter referred to as the “Debtor” or the “Spectrum”) was involuntarily placed in reorganization under the Bankruptcy Act of July 1, 1898, Chapter X (11 U.S.C. § 501 et seq.). After three years of superb management, the Trustees, Harvey N. Schmidt, Esquire, and William David Webb, Esquire, have so revitalized the business that there are now pending two reorganization plans which through reorganization allegedly would pay all secured and unsecured creditors one hundred percent of their claims; and thus, the…