In Re Holiday Mart, Inc., Debtor. Barbara Kira, Debenture Holders-Appellants v. Holiday Mart, Inc., Debtors-Appellees. In Re Holiday Mart, Inc., Debtor. Cynthia P. Garrigus, Elizabeth Reed Garrigus, Lawrence A. Borges, and Millicent B. Borges, Debenture Holders-Appellants v. Honolulu Professional Services, Trustee-Appellee

715 F.2d 430 In re HOLIDAY MART, INC., Debtor. Barbara KIRA, et al., Debenture Holders-Appellants, v. HOLIDAY MART, INC., Debtors-Appellees. In re HOLIDAY MART, INC., Debtor. Cynthia P. GARRIGUS, Elizabeth Reed Garrigus, Lawrence A. Borges, and Millicent B. Borges, Debenture Holders-Appellants, v. HONOLULU PROFESSIONAL SERVICES, Trustee-Appellee. Nos. 81-4301, 81-4448. United States Court of Appeals, Ninth Circuit. Argued and Submitted April 12, 1983. Decided Sept. 6, 1983. Thomas T. Watts, Kemper & Watts, Honolulu, Hawaii, for debenture holders-appellants. Gregory P. Conlan, Chun, Kerr & Dodd, Honolulu, Hawaii, for debtors-appellees. Appeal from the United States Bankruptcy Court for the District of Hawaii. Before BROWNING, Chief Judge, and WRIGHT and WALLACE, Circuit Judges. PER CURIAM: 1 Holders of subordinated debentures issued by the debtor appeal the bankruptcy court's order subordinating their claims to those of unsecured general trade creditors. We affirm. 2 Holiday Mart, Inc., a Hawaii corporation involved in retail merchandising and real estate development, sold approximately $3,500,000 in non-negotiable debentures to some 900 Hawaii residents between 1975 and…