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IN RE ST. CROIX HOTEL CORP.

Civ. No. 84/218, Bankruptcy No. B-81000003.

44 B.R. 277 (1984)

In re ST. CROIX HOTEL CORPORATION, Debtor in Possession. The BANK OF NOVA SCOTIA, Appellant, v. ST. CROIX HOTEL CORPORATION, Appellee and Cross Appellant.

D. Virgin Islands, Division of St. Croix.

November 2, 1984.

Attorney(s) appearing for the Case

Lary D. Ratliff, Christiansted, St. Croix, V.I., for appellant.

Joel H. Holt, Christiansted, St. Croix, V.I., for appellee.

MEMORANDUM OPINION

DAVID V. O'BRIEN, District Judge.

The issue in this case is whether the Bank of Nova Scotia, (the "bank"), should be required to post $1,000,000 in cash for its purchase at judicial sale of St. Croix by the Sea Hotel. This hotel is the major asset of the debtor herein. The bank claims a valid security interest in the hotel, but the debtor argues that any interest of the bank is not an "allowed...

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