MATTER OF FORMED TUBES, INC.

Bankruptcy No. 81-06139-B, Adv. No. 83-1603.

41 B.R. 819 (1984)

In the Matter of FORMED TUBES, INC., Debtor. Earle I. ERMAN, Trustee of Formed Tubes, Inc., Plaintiff, v. ARMCO, INC., Defendant.

United States Bankruptcy Court, E.D. Michigan, S.D.

August 30, 1984.


Attorney(s) appearing for the Case

Jaffe, Snider, Raitt & Heuer, P.C. by Susan M. Sutton, Detroit, Mich., for trustee.

Honigman, Miller, Schwartz & Cohn by Todd M. Halbert, Detroit, Mich., for defendant.


OPINION

GEORGE BRODY, Bankruptcy Judge.

This matter is before the court on cross-motions for summary judgment.

Formed Tubes, Inc. (debtor) manufactured and sold tubing for industrial purposes. Armco, Inc. was a regular supplier of steel to Formed Tubes. To insure payment for all the steel to be delivered to Formed Tubes, Armco insisted that Formed Tubes have a bank issue two irrevocable letters of credit, with Armco, Inc. as the beneficiary.

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