Court Opinion

ID: 9643490
Source: CourtListenerOpinion
Date Created: 2023-08-22 20:31:09.498955+00
Date Added: 2024-06-11T18:11:00.999613
License: Public Domain

GARRECHT, Circuit Judge
(dissenting).
Fully realizing that in matters of this-kind much discretion is reposed in the District Court, nevertheless, I am constrained'' to dissent from the decision rendered for the reason that the proceedings are wanting-in good faith in that it appears that they-were instituted for purposes of delay and: without sufficient assurance that any reorganization can be effected.
“In a reorganization proceeding under-section 77B good faith means more than: honesty of purpose. It also requires. that-there be a reasonable possibility of successful reorganization.” First Nat. Bank v. Conway Road Estates Co., 8 Cir., 94 F.2d 736, 739. To the same effect Tennessee Pub. Co. v. American Bank, 299 U.S. 18, 22, 57 S.Ct. 85, 87, 81 L.Ed. 13. Provident Mut. Life Ins. Co. v. University Ev. L. Church, 9 Cir., 90 F.2d 992, 995.