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E. H. I. OF FLORIDA, INC. v. INS. CO. OF NORTH AMERICA

No. 80-2545.

652 F.2d 310 (1981)

E. H. I. OF FLORIDA, INC. d/b/a Horizon Hospital, Appellant, v. INSURANCE COMPANY OF NORTH AMERICA, Hospital Affiliates International, a wholly-owned subsidiary of Insurance Company of North America, H.A.I. of Florida, Inc., a wholly-owned subsidiary of Hospital Affiliates International, Richard Shapack, Esquire, individually and as Trustee for Serial Gross Revenue Sinking Fund Bonds, Series I and II, of Horizon Hospital, Inc., John Foltz, Esquire, individually and as Trustee for Serial Gross Revenue Sinking Fund Bonds, Series I and II, of Horizon Hospital, Inc., C. Edward Dobbs, Esquire, and the firm of Kutak, Rock & Huie, Appellees.

United States Court of Appeals, Third Circuit.

Decided May 26, 1981.

Attorney(s) appearing for the Case

Paul R. Rosen (argued), Russell D. Henkin (argued), Spector, Cohen, Gadon & Rosen, Philadelphia, Pa., for appellant.

Raymond W. Midgett, Jr. (argued), Sharon R. Klein, Dechert, Price & Rhoads, Philadelphia, Pa., John I. Van Voris, Shackleford, Farrior, Stallings & Evans, P. A., Tampa, Fla., for appellees Ins. Co. of North America, Hospital Affiliates Intern., Inc., H.A.I. of Florida, Inc.

John F. Stoviak (argued), Robert N. DeLuca, Dilworth, Paxson, Kalish & Levy, Philadelphia, Pa., for appellees Richard Shapack, John R. Foltz, C. Edward Dobbs, Kutak, Rock & Huie.

Before ADAMS, HUNTER and WEIS, Circuit Judges.

OPINION OF THE COURT

HUNTER, Circuit Judge:

This case centers on H.A.I. of Florida's offer to purchase all the real and personal property of Horizon Hospital, Inc. Appellant, E.H.I. of Florida, as present management of the hospital facility, requests a preliminary injunction to prohibit the sale. E.H.I. contends, in essence, that since the property at issue serves as collateral for long-term bonds issued by Horizon, the offer to purchase the assets is tantamount...

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