Bank of Dixie v. King (In Re Honeycutt Grain Co.)

STATEMENT OF THE CASE

LeROY SMALLENBERGER, Bankruptcy Judge.

The first modified disclosure statement was filed in this case, on July 27, 1982, and was approved by this Court, on September 15, 1982. The first modified plan of reorganization was confirmed on October 6, 1982.

Under the plan, the farmers were to be cashed out either from retainage from their crops held by the trustee or by the Bank of Dixie purchasing their claims at $0.50 on the dollar. The remaining property was to be distributed among those who had an interest, i.e., the unsecured creditors.

The plan transferred all causes of…