Legal Opinion
Marta Group, Inc. v. Perlstein's, Inc. (In Re Marta Group, Inc.)
United States Bankruptcy Court, E.D. Pennsylvania
Decided March 5, 1985No. 19-10652PublishedCited by 6 opinions
1Opinion of the Court
OPINION
EMIL F. GOLDHABER, Chief Judge:
The primary proposition we face in the case at bench is whether a creditor may set off its obligation to a chapter 11 corporate debtor against a debt instrument issued by the debtor where the debt instrument provides that the claim it represents is subordinate to the rights of all other creditors of the debtor. Due to the reasons espoused below, we conclude that setoff is not allowable.
The facts of this case are as follows: 1 The debtor filed a petition for reorganization under chapter 11 of the Bankruptcy Code (“the Code”). Prior to the filing the debtor…
2Cases cited10 opinions
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- J. I. Case Co. v. BorakSupreme Court of the United States · 1964
- Superintendent of Insurance of New York v. Bankers Life & Casualty Co.Supreme Court of the United States · 1971
- Fischman v. Raytheon Mfg. Co.Court of Appeals for the Second Circuit · 1951
- Sawyer v. HoagSupreme Court of the United States · 1873
5 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Fisher v. Outlet Co. (In Re Denby Stores, Inc.)United States Bankruptcy Court, S.D. New York · 1988
- Parkway Plaza Investors v. Bacigalupi (In Re Bacigalupi, Inc.)United States Bankruptcy Appellate Panel for the Ninth Circuit · 1986
- Kitaeff v. Vappi & Co. (In Re Bay State York Co.)United States Bankruptcy Court, D. Massachusetts · 1992
- Excelsior Truck Leasing Co. v. Bernat (In Re Bernat)District Court, E.D. Pennsylvania · 1986
- Hartford Fire Insurance v. Lewis (In re Lewis)United States Bankruptcy Court, E.D. Pennsylvania · 2012
1 more not listed; retrieve them via the Exa API.