In re Rivell

ANNE E. THOMPSON, District Judge.

This matter is before the court, pursuant to Rule 78, on appeal from an Order of the Bankruptcy Court entered on June 1, 1987. The Order requires that appellant, Olstein, abide by the terms of a financing agreement with appellees, debtors, when the former exercised a right of first refusal over a land sales contract of the latter.

Appellees own a tract of undeveloped land which they have sought to have rezoned for higher density development. In 1984 and 1985, appellees borrowed funds from Highway Development Corp. Employees Retirement Trust and Highway…