WINTER, Circuit Judge:
This appeal concerns the substantive consolidation of two bankruptcy proceedings. We reverse because the consolidation impairs the rights of certain creditors, principally Union Savings Bank ("Union"), which extended credit to Augie's Baking Company, Ltd. ("Augie's"), before Augie's had any relationship with Restivo Brothers Bakers, Inc. ("Restivo"). In turn, it also unfairly benefits later creditors of Restivo and Augie/Restivo, principally...
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