In The Matter Of Thomas J. Grosso Investment, Inc.

457 F.2d 168 In the Matter of THOMAS J. GROSSO INVESTMENT, INC., an Arizona Corporation, Debtor Corporation in Reorganization. James E. HAMBLEN, Trustee in Reorganization, Appellant, v. FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION, Receiver of Gibraltar Savings and Loan Association, Appellee. No. 71-1163. United States Court of Appeals, Ninth Circuit. Feb. 2, 1972. Rehearing Denied Feb. 17, 1972. G. David Gage (argued), of Divelbiss & Gage; Penterman, Hamburger & Stoneman, Phoenix, Ariz., for appellant. Ronald H. Moore (argued), of Jennings, Strouss & Salmon, Jones, Brinig & Cooley; Robert C. Bates, of Snell & Wilmer; Ralph G. Smith, Jr., Esq., Perry & Smith, Phoenix, Ariz., for appellee. Before MERRILL and KILKENNY, Circuit Judges, and LYDICK, District Judge * MERRILL, Circuit Judge: 1 This appeal arises out of a corporate reorganization pursuant to chapter X of the Bankruptcy Act, 11 U.S.C. Secs. 501 et seq. 2 Petition for reorganization was filed by the debtor, an Arizona corporation. One of the business activities of the debtor was the purchase and sale of real estate, and at the time of filing of its petition it owned hundreds of parcels of real…