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IN RE AL ZUNI TRADING, INC.

No. 90-16064.

947 F.2d 1403 (1991)

In re AL ZUNI TRADING, INC., Debtor. John R. McKEE, as Personal Representative of the Estate of Thomas N. McKee, deceased, Appellant, v. Jack G. PENICK, as Trustee for Al Zuni Trading, Inc., an Arizona corporation, Appellee.

United States Court of Appeals, Ninth Circuit.

Decided October 31, 1991.

Attorney(s) appearing for the Case

Nick Rayes, Phoenix, Ariz., for appellant.

Michael W. Carmel, Phoenix, Ariz., for appellee.

Before PREGERSON, FERGUSON and O'SCANNLAIN, Circuit Judges.

O'SCANNLAIN, Circuit Judge:

McKee appeals an order of the Bankruptcy Appellate Panel ("BAP") affirming the grant of summary judgment against him by the bankruptcy court. We affirm.

I

On April 25, 1985, the debtor, Al Zuni Trading, Inc. ("Al Zuni") purchased a one million dollar life insurance policy on the life of Thomas McKee, then an officer of Al Zuni and the holder of twenty percent of its stock. On July 1, 1985, Thomas McKee sold his interest...

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