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IN RE UNITED MERCHANTS & MFRS., INC.

No. 84, Docket 81-5017.

674 F.2d 134 (1982)

In re UNITED MERCHANTS AND MANUFACTURERS, INC., et al., Debtors. UNITED MERCHANTS AND MANUFACTURERS, INC., et al., Debtors-Appellees, v. The EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES and John Hancock Mutual Life Insurance Company, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided February 24, 1982.

Rehearing and Rehearing Denied April 19, 1982.

Attorney(s) appearing for the Case

Joel B. Zweibel, New York City (P. Gregory Schwed, Kramer, Levin, Nessen, Kamin & Soll, New York City, of counsel), for defendants-appellants.

Michael J. Crames, New York City (Myron Trepper, Joel Holstein, Levin & Weintraub, New York City, of counsel), for debtors-appellees.

Before WATERMAN, OAKES and MESKILL, Circuit Judges.

Rehearing and Rehearing In Banc Denied April 19, 1982.

MESKILL, Circuit Judge:

The Equitable Life Assurance Society of the United States ("Equitable") and John Hancock Mutual Life Insurance Company ("Hancock") appeal from an order of the United States District Court for the Southern District of New York, Knapp, J., disallowing their claims in a bankruptcy proceeding pursuant to Chapter XI of the former Bankruptcy Act1 for...

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