Ambassador Factors v. First American Bulk Carrier (In re Topgallant Lines, Inc.)

ORDER

LAMAR W. DAVIS, Jr., Bankruptcy Judge.

Pursuant to the terms of the Pre-Trial Orders entered by this Court on August 12, 1996, and August 30,1996, a trial was held in the above-captioned adversary on September 27, 1996. At issue, as set forth in those orders, is the relative narrow question of whether the freights of the last voyage of the M/V Delaware Bay were earned by the Debt- or and are, therefore, subject to security interest of Ambassador Factors.

BACKGROUND

Debtor, Topgallant Lines, operated the freight carrier M/V Delaware Bay in repeating cycles approximately 22 days in duration…