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IN RE SWIFT AIRE LINES, INC.

BAP Nos. CC-82-1139VGK, CC-82-1149VGK, Bankruptcy No. LA-81-11896CA, Adv. No. LA-81-4979CA.

30 B.R. 490 (1983)

In re SWIFT AIRE LINES, INC., Debtor. David Y. FARMER, as Trustee, Plaintiff-Appellee, v. CROCKER NATIONAL BANK, a national banking association, Defendant-Appellant, and Justin Colin, an Individual, Intervenor-Appellant.

United States Bankruptcy Appellate Panels of the Ninth Circuit.

Decided March 15, 1983.

Attorney(s) appearing for the Case

David A. Gill (argued), Howard Kollitz, Danning, Gill, Gould, Joseph & Diamond, Los Angeles, Cal., for defendant-appellant.

David J. McCarty (argued), Merrill R. Francis, Sheppard, Mullin, Richter & Hampton, Louise A. LaMothe, Irell & Manella, Los Angeles, Cal., for plaintiff-appellee.

Before VOLINN, GEORGE and KATZ, Bankruptcy Judges.

OPINION

VOLINN, Bankruptcy Judge:

I. FACTS

Prior to filing bankruptcy on September 18, 1981, Swift Aire Lines, Inc., operated a commercial airline service. Business operations were financed primarily through Wells Fargo Bank.

In November, 1980, appellant, Justin Colin, purchased an 80% stock ownership interest in the debtor for $1,775,000. Colin also agreed in a separate investment agreement dated November 19, 1980, to contribute an additional...

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