Court of Appeals for the Ninth Circuit November 16, 1981, Nos. 79-3533, 80-5257 (Travelers Insurance v. Colorado Spanish Peaks Ranch, Inc.)

DUNIWAY, Circuit Judge:

These are two appeals from orders of the district court in a proceeding under Chapter XI of the old Bankruptcy Act. We affirm.

I. Facts.

The facts underlying the first appeal, No. 79-3533, are these:

In July, 1973, the Travelers Insurance Company (Travelers) loaned $900,000.