In the Matter of Laguna Lake Mobile Home Park, a Co-Partnership, Laguna Lake Shopping Center, a Co-Partnership, Laguna Lake Golf Center, a Co-Partnership, and Los Osos Hills Investment, a Co-Partnership, Debtors, N a a Employees Federal Credit Union

439 F.2d 4 In the Matter of LAGUNA LAKE MOBILE HOME PARK, a co-partnership, Laguna Lake Shopping Center, a co-partnership, Laguna Lake Golf Center, a co-partnership, and Los Osos Hills Investment, a co-partnership, Debtors, Petitioners, Appellants. N A A EMPLOYEES FEDERAL CREDIT UNION, Respondent, Appellee. No. 24450. United States Court of Appeals, Ninth Circuit. February 24, 1971. Malcolm G. Smith (argued), of Kindel & Anderson, Los Angeles, Cal., W. A. McGugin, Fresno, Cal., for debtors, petitioners, appellants. Frank Christl (argued), Richard S. Berger, of Gendel, Raskoff, Shapiro & Quittner, Ben H. Rudnick, of Behrstock & Rudnick, Los Angeles, Cal., for respondent, appellee. Before MERRILL, CARTER and KILKENNY, Circuit Judges. MERRILL, Circuit Judge: 1 Appellants are partnerships that have petitioned for an arrangement under Chapter XI of the Bankruptcy Act. They had borrowed money from appellee for the purposes of acquiring land near San Luis Obispo, California, and constructing improvements, including a shopping center, a mobile home park and a golf course thereon. The loans were secured by deeds of trust on the property, and foreclosure sales were pending when…