Dillon Oil Technology Partners v. Bank of Commerce (In re Southern Industrial Banking Corp.)

MEMORANDUM

CLIVE W. BARE, Bankruptcy Judge.

This case involves a question of the plaintiff’s rights under a prepetition agreement whereby plaintiff purchased installment loans from the debtor in exchange for a substantial sum of cash. Plaintiff seeks either rescission of the purchase agreement or a declaration of its rights and an award of damages. Contending the consideration plaintiff paid for the loans purchased is inadequate, defendant asserts a counterclaim.

I

Plaintiff Dillon Oil Technology Partners (Dillon) is a Pennsylvania limited partnership. Louis F. Coppage is a general partner in…