Gulf Forge Co. v. Ellwood Quality Steels Co.

MEMORANDUM AND OPINION

ROSENTHAL, District Judge.

Ellwood Quality Steels Company and Ell-wood City Forge, a Division of Ellwood Group, Inc., (“Ellwood”), file this consolidated appeal from orders of the bankruptcy court recognizing that LaSalle National Bank (the “Bank”) had a perfected security interest in equipment owned by the debtor, Gulf Forge Company (“Gulf Forge”). Based on this finding, the bankruptcy court granted the Bank’s motion for relief from the automatic stay; denied relief on Ellwood’s involuntary bankruptcy petition; and denied Ell-wood’s motion to enjoin the transfer of Gulf…