in state court.  While the order of foreclosure in favor of Pelican Island Groves was on appeal, the Korangys, residents of Maryland, filed a voluntary Chapter 11 bankruptcy petition.  All parties proceeded under the assumption that the land was part of the bankruptcy estate and that an automatic stay applied to the Florida foreclosure proceedings.  See 11 U.S.C.A. Sec. 362 (West 1979 & Supp.1990).  On May 22, 1986, the bankruptcy court modified the stay to permit Pelican Island Groves and Great Western Savings to proceed with the appeals from the Florida judgments of foreclosure in order to obtain final judgments.


5
On November 16, 1986, the bankruptcy court vacated the stay in order to permit the foreclosure to proceed.  After Pelican Island Groves obtained anorder of sale from a Florida state court, the sale by the clerk of court was scheduled for December 30, 1987 at 11:00 a.m.  On December 28, 1987, in an effort to delay the sale, the official creditors' committee requested a temporary restraining order and an injunction from the bankruptcy court.  The Korangys were allowed to intervene, and at a hearing on December 29, 1987, the court entered a temporary restraining order which provided that "[t]he defendants, their agents, successors and assigns are hereby temporarily enjoined and restrained from continuing in any way with the foreclosure sale currently scheduled for December 30, 1987 of the debtors' property in Indian River County, Florida."    Counsel for Pelican Island Groves advised the Clerk of Court for