Schwab v. Pennsummit Tubular, LLC (In Re Old Summit Manufacturing, LLC)

OPINION OF THE COURT

AMBRO, Circuit Judge.

This case stems from the sale of the assets of a steel products manufacturer in bankruptcy. We decide whether three cheeks that were received, but had not cleared, before the closing of the sale are included in the assets sold. We conclude that they are not, and thus affirm the decision of the District Court (which in turn affirmed that of the Bankruptcy Court).

I

Old Summit Manufacturing, LLC (“Old Summit”), a maker of tubular steel prod ucts, filed for bankruptcy in July 2002. 1 Appellee William Schwab serves as its Chapter 7 bankruptcy trustee. In…