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IN RE SMITH-DOUGLASS, INC.

No. 87-1663.

842 F.2d 729 (1988)

In re SMITH-DOUGLASS, INC., Debtor. SMITH-DOUGLASS, INC., Plaintiff-Appellant, v. BORDEN, INC., Defendant-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided March 23, 1988.

Attorney(s) appearing for the Case

Gregory Byrd Crampton (Merriman, Nicholls, Crampton, Dombalis & Aldridge, P.A., Raleigh, N.C., on brief), for appellant.

John Malcolm Murchison, Jr. (Kennedy, Covington, Lobdell & Hickman, Charlotte, N.C., on brief), for appellee.

Before WINTER, Chief Judge, and RUSSELL and HALL, Circuit Judges.

PER CURIAM:

In October of 1981, Smith-Douglass, Inc. (SDI) signed a promissory note to Borden, Inc. (Borden) in the amount of $5,951,187.00. Under the terms of the note, SDI was required to pay interest to Borden for the time during which the debt was actually outstanding, and had the option to pay off the principal debt at any time prior to the note's expiration.

SDI filed for Chapter 11 bankruptcy on March 11, 1983. In the three months prior to filing for...

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