Flyco, Inc. v. Kemp Pacific Fisheries, Inc. (In re Kemp Pacific Fisheries, Inc.)

ORDER AFFIRMING JUDGMENT OF BANKRUPTCY COURT

ZILLY, District Judge.

THIS MATTER comes before the Court on appeal from an order by the Bankruptcy Court granting summary judgment in favor of appellee Philip Morris Credit Corporation. This Court has reviewed the decision of Bankruptcy Judge Thomas Glover together with the materials submitted by the parties. The Court AFFIRMS that decision for the reasons stated below.

STATEMENT OF FACTS

In June 1988, appellee Philip Morris Credit Corp. (“PMCC”) provided Kemp Pacific Fisheries, Inc. (“KPF”) with a $2.4 million loan and a revolving line of credit of…