IN RE SALEM TOOL CO.

Bankruptcy No. B87-01577-Y.

82 B.R. 52 (1988)

In re the SALEM TOOL COMPANY, Debtor.

United States Bankruptcy Court, N.D. Ohio.

February 10, 1988.


Attorney(s) appearing for the Case

Michael A. Gallo, Youngstown, Ohio, for debtor/DIP.

Kenneth L. Gibson, Cuyahoga Falls, Ohio, for Barbara J. McCorkhill.


MEMORANDUM OPINION

WILLIAM T. BODOH, Bankruptcy Judge.

On July 1, 1982, a stock purchase agreement was entered into between the Debtor and BARBARA J. McCORKHILL. Pursuant to the Agreement and a contemporaneous promissory note, the Debtor was obligated to pay Ms. McCorkhill the principal amount of Eight Hundred Twenty-Five Thousand & 00/100 Dollars ($825,000.00), with interest accruing at 12 percent (12%) per annum. In return, Ms. McCorkhill agreed to...

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