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IN RE MID-AMERICA PETROLEUM INC.

Bankruptcy No. 587-50046, Adv. No. 587-5003.

71 B.R. 140 (1987)

In re MID-AMERICA PETROLEUM, INC., Debtor, INTRAMERICAN OIL & MINERALS, INC., Plaintiff, v. MID-AMERICA PETROLEUM, INC., Wade D. Althen, Louis Chandler, Randy Hair, Gary P. Wilson and Banctexas Dallas, N.A., Defendants.

United States Bankruptcy Court, N.D. Texas, Lubbock Division.

March 9, 1987.

Attorney(s) appearing for the Case

Earl L. Yeakel, III, Giles & Yeakel, Austin, Tex., for Intramerican.

Richard W. Ward, Palmer, Palmer & Coffee, P.C., Dallas, Tex., for Mid-American; John Spinuzzi, Denton, Tex., Special Counsel.

Bruce B. Hart, Dallas, Tex., for MAP Equity Security Holders Committee.

MEMORANDUM OF OPINION

JOHN C. AKARD, Bankruptcy Judge.

On October 28, 1986, the Court heard arguments on the question whether the Board of Directors of a company in Chapter 11 may issue authorized but unissued stock during a Chapter 11 proceeding but prior to confirmation of a Plan of Reorganization. A second issue was raised as to the proper transfer of shares purchased by Intramerican Oil & Minerals,...

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