Federal Trade Commission v. South Park Land & Livestock Co. (In re South Park Land & Livestock Co.)

FINDINGS OF FACT AND CONCLUSIONS OF LAW

Re: MOTION TO DISMISS

The court has heard the oral arguments and has reviewed the Motion to Dismiss, memoranda in opposition, response thereto, and all memoranda of points and authorities filed herein, and makes the following findings of fact and conclusions of law.

FINDINGS OF FACT

1. On November 19, 1979, the FTC filed its objections to the debtor’s amended plan of arrangement alleging that South Park had engaged in certain unfair and deceptive acts and practices in the sale of land during its period of reorganization in violation of 15 U.S.C. § 45 .

2. On November 29, 1979, South Park and the FTC stipulated in open court that the FTC’s objections would be withdrawn and brought as an adversary proceeding in exchange for the debtor’s waiver of any objection to the FTC’s standing to bring such adversary proceeding. On the same date, South Park’s amended plan of arrangement was confirmed.

3. The Order converting the FTC’s objections to the debtor’s plan of arrangement to an adversary proceeding was entered December 17, 1979.

4. The FTC filed its complaint on December 21, 1979, alleging that sales of land were induced by…