Legal Opinion
Joseph D. Olsen, Trustee of Huntley Ready Mix, Inc. v. Gary A. Floit
Court of Appeals for the Seventh Circuit
Decided July 14, 2000No. 00-1107PublishedCited by 9 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
In May 1993 Huntley Ready Mix sold all of its operating assets for $151,000 to Harvard Ready Mix. This plus cash on hand was just enough to pay off Huntley’s secured debt, which had been guaranteed by Gary Floit, Huntley’s founder, president, and principal shareholder. Huntley retained its accounts receivable, eventually collecting and distributing about $100,000 to its general creditors, but another $200,000 or so remained. When Huntley filed a petition under Chapter 7 of the Bankruptcy Code of 1978 its only asset was some $125,000 owed by deadbeats. As part of the…
2Cases cited10 opinions
- Anderson v. City of Bessemer CitySupreme Court of the United States · 1985
- BFP v. Resolution Trust CorporationSupreme Court of the United States · 1994
- In the Matter of Douglas R. Prince and Jane Prince, Debtors-AppellantsCourt of Appeals for the Seventh Circuit · 1996
- Metlyn Realty Corp. v. Esmark, Inc.Court of Appeals for the Seventh Circuit · 1985
- Shlensky v. South Parkway Building Corp.Illinois Supreme Court · 1960
5 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Doly v. Chang (In Re Joy Recovery Technology Corp.)United States Bankruptcy Court, N.D. Illinois · 2002
- Hicks v. Midwest Transit, Inc.Court of Appeals for the Seventh Circuit · 2007
- Creditors' Committee of Jumer's, Castle Lodge, Inc. v. Jumer (In Re Jumer's Castle Lodge, Inc.)District Court, C.D. Illinois · 2006
- Daley v. Chang (In Re Joy Recovery Technology Corp.)United States Bankruptcy Court, N.D. Illinois · 2001
- Gecker v. Flynn (In re Emerald Casino, Inc.)District Court, N.D. Illinois · 2014
4 more not listed; retrieve them via the Exa API.