In Re Areaco Inv. Co., Inc.

MEMORANDUM OPINION

DAVID P. McDONALD, Bankruptcy Judge.

JURISDICTION

This Court has jurisdiction over the parties and subject matter of this proceeding pursuant to 28 U.S.C. §§ 1334, 151, and 157 and Local Rule 29 of the United States District Court for the Eastern District of Missouri. This is a “core proceeding” pursuant to 28 U.S.C. § 157(b)(2)(A), which the Court may hear and determine.

PROCEDURAL AND FACTUAL BACKGROUND

Arthur E. Collins organized the Debtor corporation in August 1961 for the purpose of developing Rocky Ridge Ranch, a resort community south of St. Louis. In 1969 the Debtor…