In Re Hughes Marina, Inc.

MEMORANDUM AND DECISION

EDWARD D. HAYES, Bankruptcy Judge.

Application has been made by the debtor herein for approval of the disclosure statement. A secured creditor, Marine Midland, has moved for conversion to Chapter 7 and the appointment of a trustee.

The facts appear to be these. Hughes Marina commenced operating as an antique business some 16 or 18 years ago. It owned property on Lake Ontario and eventually evolved into a marina renting dock space, doing minor boat repairs, renting out space for camping or recreational vehicles and a snack shop. In 1972, the corporation sustained losses…