In Re Transcontinental Energy Corporation

683 F.2d 326 6 Collier Bankr.Cas.2d 1475 In re TRANSCONTINENTAL ENERGY CORPORATION, a Nevada Corp., fka Oil Producers & Refiners, Inc., fka Transcontinental Power Co., Bankrupt. Owen E. JACKSON, Dr. S. H. Montgomery and George L. Naron, Appellants, v. PACIFIC ENERGY RESOURCES, Appellee. No. 81-5680. United States Court of Appeals, Ninth Circuit. Argued and Submitted May 6, 1982. Decided Aug. 6, 1982. Robert R. Hodges, Mix & Hodges, Redondo Beach, Cal., Ronald Gene Self, Arvin, Cal., for appellants. Joseph L. Golden, Los Angles, Cal., argued, for appellee; O'Melveny & Myers, Los Angeles, Cal., Albright, McGimsey & Stoddard, Las Vegas, Nev., on brief. Appeal from the United States District Court for the District of Nevada. Before BROWNING, Chief Judge, TANG and FARRIS, Circuit Judges. FARRIS, Circuit Judge: BACKGROUND 1 Transcontinental Energy Corporation went into bankruptcy in late 1977. Its assets included limited partnership interests in four oil producing properties. These were sold with the bankruptcy court's approval to appellee Pacific Energy Resources, a company whose controlling owner was Richard Young. After the sale, a group of Transcontinental's minority…