In Re Colorado Spanish Peaks Ranch, Inc.

661 F.2d 759 Bankr. L. Rep. P 68,502 In re COLORADO SPANISH PEAKS RANCH, INC., Debtor. The TRAVELERS INSURANCE COMPANY, a Connecticut Corporation, Plaintiff-Cross-Defendant-Appellee, v. COLORADO SPANISH PEAKS RANCH, INC., etc., Defendant-Cross-Complainant-Appellant. Nos. 79-3533, 80-5257. United States Court of Appeals, Ninth Circuit. Argued and Submitted May 5, 1981. Decided Nov. 16, 1981. Marvin Neben, Neben & Starrett, Newport Beach, Cal., for defendant-cross-complainant-appellant. Marc A. Levinson, Sidley & Austin, Los Angeles, Cal., for plaintiff-cross-defendant-appellee. Appeals from the United States District Court for the Central District of California. Before DUNIWAY, PREGERSON and CANBY, Circuit Judges. DUNIWAY, Circuit Judge: 1 These are two appeals from orders of the district court in a proceeding under Chapter XI of the old Bankruptcy Act. We affirm. 2 I. Facts. 3 The facts underlying the first appeal, No. 79-3533, are these: 4 In July, 1973, the Travelers Insurance Company (Travelers) loaned $900,000.00 to Colorado Spanish Peaks Ranch (Spanish), taking a note, secured by a first mortgage on 29,000 acres of Colorado mountain ranch land which Spanish planned to…