The Valley National Bank of Arizona v. Trustee for Westgate-California Corporation, Roy B. Woolsey v. Trustee for Westgate-California Corporation, C. Neil & Elaine T. Ash v. Trustee for Westgate-California Corporation

609 F.2d 1274 Fed. Sec. L. Rep. P 96,907, 5 Bankr.Ct.Dec. 751 , Bankr. L. Rep. P 67,148 The VALLEY NATIONAL BANK OF ARIZONA, Plaintiff-Appellant, v. TRUSTEE FOR WESTGATE-CALIFORNIA CORPORATION, Defendant-Appellee. Roy B. WOOLSEY, Plaintiff-Appellant, v. TRUSTEE FOR WESTGATE-CALIFORNIA CORPORATION, Defendant-Appellee. C. NEIL & Elaine T. Ash, Plaintiff-Appellant, v. TRUSTEE FOR WESTGATE-CALIFORNIA CORPORATION, Defendant-Appellee. Nos. 77-3388, 78-1227 and 77-3662. United States Court of Appeals, Ninth Circuit. May 30, 1979. Rehearing and Rehearing En Banc Denied Aug. 6, 1979. Roy B. Woolsey, Newport Beach, Cal., C. Neil Ash, Beverly Hills, Cal., Dean Stern, Los Angeles, Cal., for plaintiff-appellant. Frank Rothman, Alan D. Croll, Los Angeles, Cal., for defendant-appellee. Appeal from the United States District Court for the Southern District of California. Before CARTER and ANDERSON, Circuit Judges, and ROBERT M. TAKASUGI, District Judge. * JAMES M. CARTER, Circuit Judge: These consolidated appeals seek to negate the effects of a merger between Air California, Inc., and Westgate-Wacco, Inc., (hereafter Wacco). The former was a publicly-held corporation, 81% Of the stock of…