Legal Opinion
In Re Walker
United States Bankruptcy Court, D. South Dakota
Decided April 29, 1985No. 19-40062PublishedCited by 11 opinions
1Opinion of the Court
MEMORANDUM DECISION
PEDER K. ECKER, Bankruptcy Judge.
These cases have been consolidated for the Court’s resolution of the single legal issue of whether a debtor may retire or cancel Class B Participation Stock in a Production Credit Association as a part of its plan of reorganization under Chapter 11.
The facts in both cases are similar and are not in dispute. The Farm Credit Act of 1971 (12 U.S.C. § 2001, et seq.) requires P.C.A. borrowers to maintain Class B Stock in an amount equal to $5.00 for every $100.00 of credit loaned. Class B Stock is voting or participation stock and is available…
2Cases cited3 opinions
- United States v. Mississippi Chemical Corp.Supreme Court of the United States · 1972
- Bankr. L. Rep. P 67,051 Lawrence Jenson v. Continental Financial CorporationCourt of Appeals for the Eighth Circuit · 1979
- In Re Cooperativa Cafeteros De Puerto RicoUnited States Bankruptcy Court, D. Puerto Rico · 1982
3Cited by11 opinions
- In Re ShannonDistrict Court, S.D. Ohio · 1989
- In Re MassengillUnited States Bankruptcy Court, E.D. North Carolina · 1987
- Federal Land Bank of Columbia v. Massengill (In Re Massengill)District Court, E.D. North Carolina · 1988
- Universal Cooperatives, Inc. v. FCX, Inc. (In re FCX, Inc.)Court of Appeals for the Fourth Circuit · 1988
- In Re EisenbarthUnited States Bankruptcy Court, D. North Dakota · 1987
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