Legal Opinion
In Re: Comdisco, Inc., Debtor. Appeal Of: Downey Savings and Loan Association, F.A
Court of Appeals for the Seventh Circuit
Decided January 17, 2006No. 05-1697PublishedCited by 10 opinions
1Opinion of the Court
POSNER, Circuit Judge.
Comdisco, now in bankruptcy, had a contract with Downey, which Downey alleged Comdisco had broken. After a trial, the bankruptcy judge decided there had been no breach. The district court affirmed, and Downey appeals. The issue is the interpretation of a sale and leaseback arrangement intended by Downey to generate a considerable tax savings for it. Both the sale and the lease specify that Illinois law is to govern any dispute arising from the contracts.
Comdisco, a large dealer in IBM mainframe computers, sold $46 million worth of these computers to Downey, which in turn…
2Cases cited15 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Rice's Toyota World, Inc. (Formerly Rice Auto Sales, Inc.) v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1985
- Beanstalk Group, Inc. v. Am General Corporation and General Motors CorporationCourt of Appeals for the Seventh Circuit · 2002
- Howard Gilman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1991
10 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- In Re South Beach Securities, Inc.Court of Appeals for the Seventh Circuit · 2010
- Ner Tamid Congregation of N. Town v. KrivoruchkoDistrict Court, N.D. Illinois · 2009
- Federal Trade Commission v. IFC Credit Corp.District Court, N.D. Illinois · 2008
- Asta, L.L.C. v. Telezygology, Inc.District Court, N.D. Illinois · 2009
- Iron Workers Tri-State Welfare Plan v. Carter Construction, Inc.District Court, N.D. Illinois · 2008
5 more not listed; retrieve them via the Exa API.