Citibank, N.A. v. Sharon Steel Corp. (In Re Sharon Steel Corp.)

OPINION

WARREN W. BENTZ, Chief Judge.

Introduction

Sharon Steel Corporation, Sharon Specialty Steel, Inc., and Monessen, Inc. (collectively “Debtor”) each filed a separate voluntary Petition under Chapter 11 of the Bankruptcy Code on November 30, 1992 (the “Petition Date”). Pursuant to Order dated December 3, 1992, the three eases are being jointly administered.

The -within Complaint involves a dispute over entitlement to $480,000 in proceeds from the sale of inventory which is presently held in an escrow account (the “Fund”). Citibank, N.A., as Agent for Lenders listed on Exhibit “A” to…