The former Bank of Scotland managing director applied for an interdict against the Pars' administrations BDO at the High Court in Edinburgh yesterday. The case is due to be heard today.
Mr Masterton two months ago backed a Company Voluntary Arrangement (CVA) that allowed the club to move towards an exit from administration under fans group Pars United.
He is refusing to budge over his stance regarding the lease of the team's training base at Pitreavie, which is owned by Fife Council.
The former Pars majority shareholder has security over the lease in the form of a pension fund, which he and ex-Dunfermline chairman John Yorkston are trustees.
Pars United thought they were heading towards a successful conclusion to the administration process a fortnight ago but this potentially devastating hurdle has caused huge concern.
The fans' group, who held an emergency meeting yesterday said they wanted the issue over Pitreavie resolved before taking over the running of the club.
Dunfermline plunged into administration in March over an unpaid £134,000 tax bill. Seven senior players were made redundant and that club docked 15-points.