Spanish Language Television of Arizona, Inc. v. Altschul

456 F.2d 159 In the Matter of SPANISH LANGUAGE TELEVISION OF ARIZONA, INC., Debtor. RCA CORPORATION, Creditor-Appellant, v. Julius ALTSCHUL, Trustee-Appellee (two cases). Nos. 26195, 26243. United States Court of Appeals, Ninth Circuit. Feb. 24, 1972. Rehearing Denied March 22, 1972. Frank C. Brophy, Jr. (argued), of Ryley, Carlock & Ralston, Phoenix, Ariz., for appellant. Robert G. Mooreman (argued), Phoenix, Ariz., for appellee. Before KOELSCH, ELY, and WRIGHT, Circuit Judges. ELY, Circuit Judge: 1 Here, we have consolidated appeals taken by a secured creditor (RCA Corporation, hereinafter RCA) from certain Orders made in proceedings under Chapter X of the Bankruptcy Act ( 11 U.S.C. Secs. 501-676 ). The debtor corporation seeking to reorganize (hereinafter TV or Debtor) is engaged in televising activity, telecasting as KPAZ-TV, Channel 21, Phoenix, Arizona. 2 On August 6, 1969, TV filed a Petition for Reorganization pursuant to 11 U.S.C. Sec. 526 . The Petition, which included allegations that TV's assets "on a going concern" basis exceeded its liabilities and that reorganization was necessary to realize the full value of those assets, was immediately granted by the District…