In February 1982, plaintiffs commenced the instant action to recover the balance due on two promissory notes executed by defendant Northway Agencies, Inc. (Northway) and personally guaranteed by defendants Armand Garofalo and Edward J. Grogan, arising out of the purchase and sale of an insurance business. After the case was noticed for trial, Northway filed a petition for reorganization under Bankruptcy Act chapter 11, creating an automatic...
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