Bank One v. Bononi (In Re Aliquippa MacHine Co.)

MEMORANDUM OPINION

m. bruce McCullough, Bankruptcy Judge.

Bank One moves for relief from stay so that it may pursue collection of essentially all of the assets of the bankruptcy estate of Aliquippa Machine Co., Inc., the above-captioned debtor (hereafter “the Debtor”). Bank One contends that a grant of such stay relief is appropriate at this time because, argues Bank One, such assets are fully encumbered by the first priority perfected security interest that Bank One presently possesses in such assets. Bank One argues as much even though Bank One concedes that it let lapse the first financing…