First National Bank of Chicago v. Valley Liquors, Inc. (In Re Valley Liquors, Inc.)

MEMORANDUM OPINION ALLOWING DEFENDANT SCHECHTER’S MOTION TO DISMISS ADVERSARY COMPLAINT

JACK B. SCHMETTERER, Bankruptcy Judge.

The Debtor held an option to purchase the property in which it operated. It sold that option for $140,000.00. Plaintiff claims a prior lien on all net proceeds of sale. The First National Bank of Chicago as Plaintiff (“First National”), filed this adversary complaint seeking determination of the parties’ respective rights to the proceeds of sale of the option by Debtor (“Debtor”, or “Valley Liquors”) to V.I.P. Industrial Development Co. (“V.I.P.”). Defendant Abraham…