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IN RE RELIABLE MFG. CORP.

No. 81 C 828.

17 B.R. 899 (1981)

In re RELIABLE MANUFACTURING CORPORATION, Bankrupt. LIBCO CORPORATION, Appellant, v. Charles W. LEIGH and Ervin F. Dusek, Appellees.

United States District Court, N.D. Illinois, E.D.

November 18, 1981.

Attorney(s) appearing for the Case

Malcolm M. Gaynor, Louis W. Levit, Arnold Pagniucci, Chicago, Ill., for debtor-appellee.

Fay Clayton, Sachnoff, Schrager, Jones, Weaver, Rubenstein, Ware Adams, Chicago, Ill., for appellant.

MEMORANDUM ORDER

MARSHALL, District Judge.

On April 5, 1977, Libco Corporation ("Libco") acquired all of the shares of the capital stock of the bankrupt, Reliable Manufacturing Corporation ("Reliable"), from Charles Leigh and Ervin Dusek ("Leigh" and "Dusek"). The sales contract required Libco to pay Leigh and Dusek $1,750,000 for the stock. The money was to be paid in four installments. The last two payments, totalling $940,000, were to be made on January...

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