ADMANCO, Inc. ex rel. Polsky v. 700 Stanton Drive, LLC

¶ 1. This review arises in the context of a Wis. Stat. ch. 128 insolvency proceeding, which proceeding applies to *594property of the debtor. Wis. Stat. § 128.08 (2007-08).1 The receiver, Michael S. Polsky (Polsky), was appointed to administer property of the debtor, Admanco, Inc. (Admanco). In that capacity, Polsky demanded return of proceeds from two standby letters of credit issued by M&I Marshall and Ilsley Bank (M&I Bank) that 700 Stanton Drive, LLC (Stanton) drew down, as well as the cash security deposit made by Admanco that Stanton retained. The circuit court awarded2 the receiver…