Legal Opinion
Cannon Ball Industries Inc. v. Sequa Corp. (In Re Cannon Ball Industries Inc.)
District Court, N.D. Illinois
Decided May 28, 1993No. 93 C 20009PublishedCited by 3 opinions
1Opinion of the Court
ORDER
REINHARD, District Judge.
INTRODUCTION
Defendant, Sequa Corporation (Sequa), appeals the decision of the bankruptcy court, 150 B.R. 929, which held that payments made by a debtor to a creditor conferred a benefit on an insider guarantor even though the payments did not reduce the debt to an .amount less than the guaranty. The bankruptcy court entered judgment in favor of debtor plaintiffs, Cannon Ball Industries, Inc. (Cannon Ball) and BMC America, Inc., in the amount of $43,984.36. Jurisdiction is premised on 28 U.S.C. § 158(a).
FACTS
Cannon Ball, formerly known as Starline Products, Inc.,…
2Cases cited4 opinions
- Louis W. Levit, Trustee of V.N. Deprizio Construction Co. v. Ingersoll Rand Financial CorporationCourt of Appeals for the Seventh Circuit · 1989
- In the Matter of Joseph Davidow Newman, Debtor. Robert M. Magill, Trustee-Appellant v. Joseph Davidow Newman, Debtor-AppelleeCourt of Appeals for the Seventh Circuit · 1990
- Cambridge Meridian Group, Inc. v. Connecticut National Bank (In Re Erin Food Services, Inc.)District Court, D. Massachusetts · 1991
- Cannon Ball Industries Inc. v. Sequa Corp. (In Re Cannon Ball Industries Inc.)United States Bankruptcy Court, N.D. Illinois · 1992
3Cited by3 opinions
- In Re Sufolla, Inc.Court of Appeals for the Ninth Circuit · 1993
- Official Unsecured Creditors Committee of Sufolla, Inc. ex rel. Estate of Sufolla, Inc. v. U.S. National BankCourt of Appeals for the Ninth Circuit · 1993
- Marshack v. Wells Fargo Bank (In Re Walters)United States Bankruptcy Court, C.D. California · 1994