Unsecured Creditors' Committees of Pacific Express, Inc. v. Pioneer Commercial Funding Corp. (In Re Pacific Express, Inc.)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
MOOREMAN, Bankruptcy Judge:
By this appeal, appellants Pioneer Commercial Funding Corporation and 66 loan participants challenge the bankruptcy court’s subordination of their claims. In its order concerning cross-motions for summary judgment, the bankruptcy court ruled in favor of the plaintiff unsecured creditors’ committee, finding a loan transaction to be an equity participation by the investors rather than a secured loan. See In re Pacific Express, Inc., 55 B.R. 913 (Bankr.E.D.Cal.1985) The basis for the subordination was the acquisition of stock by the loan participants, commonly referred…
2Cases cited11 opinions
- Pepper v. LittonSupreme Court of the United States · 1939
- In the Matter of Mobile Steel Company, Debtor. Elaine E. Benjamin v. Lester Y. Diamond, as Trustee in Bankruptcy for Mobile Steel, Inc.Court of Appeals for the Fifth Circuit · 1977
- Johnson v. First National Bank Of MontevideoCourt of Appeals for the First Circuit · 1983
- Anaconda-Ericsson, Inc. v. Hessen (In Re Teltronics Services, Inc.)United States Bankruptcy Court, E.D. New York · 1983
- In Re Westgate-California CorporationCourt of Appeals for the Ninth Circuit · 1981
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- Koch Refining v. Farmers Union Central Exchange, Inc.Court of Appeals for the Seventh Circuit · 1987
- Federal Communications Commission v. Airadigm Communications, Inc.Court of Appeals for the Seventh Circuit · 2010
- Henry v. Lehman Commercial Paper, Inc. (In Re First Alliance Mortgage Co.)Court of Appeals for the First Circuit · 2006
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