17 Collier bankr.cas.2d 449, Bankr. L. Rep. P 71,937 in Re Sun Valley Ranches, Inc., Debtor Sun Valley Ranches, Inc. v. The Equitable Life Assurance Society of the United States

823 F2d 1373 17 Collier Bankr.Cas.2d 449 , Bankr. L. Rep. P 71,937 IN RE SUN VALLEY RANCHES, INC., Debtor SUN VALLEY RANCHES, INC., Petitioner-Appellant, v. THE EQUITABLE LIFE ASSURANCE SOCIETY OF the UNITED STATES, Respondent-Appellee. Nos. 86-4222, 86-4319. United States Court of Appeals, Ninth Circuit. Argued and Submitted July 10, 1987. Decided Aug. 5, 1987. C. Tom Arkoosh, Boise, Idaho, for petitioner-appellant. Dale G. Higer, Boise, Idaho, for respondent-appellee. Appeal from the United States District Court for the District of Idaho. Before FARRIS, ALARCON and WIGGINS, Circuit Judges. FARRIS, Circuit Judge: 1 Equitable Life Assurance held a first mortgage interest in property owned by Sun Valley Ranches, Inc. Sun Valley has sought to reorganize under Chapter 11 of the bankruptcy code. Sun Valley appeals from two orders of the district court in the bankruptcy action. One order lifted the automatic stay in bankruptcy, permitting Equitable Life Assurance to go ahead with foreclosure and sale of Sun Valley's property. The second order denied Sun Valley's motion to stay the lifting of the automatic stay pending appeal. The day after the second motion was entered, the sale was…