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MNC COMMERCIAL CORP. v. JOSEPH T. RYERSON & SON

No. 957, Docket 88-9044.

882 F.2d 615 (1989)

MNC COMMERCIAL CORPORATION, formerly known as Maryland National Industrial Finance Corporation, Plaintiff-Appellee, v. JOSEPH T. RYERSON & SON, INCORPORATED, Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Decided July 11, 1989.

As Amended August 25, 1989.

Attorney(s) appearing for the Case

Hilary P. Bradford (Jane F. Clemens, Cohen, Swados, Wright, Hanifin Bradford & Brett, Buffalo, N.Y., of counsel), for plaintiff-appellee.

Francis E. Kenny (Andrea Kojm Thomas, Nixon, Hargrave, Devans & Doyle, Rochester, N.Y., of counsel), for defendant-appellant.

Before NEWMAN, CARDAMONE and WINTER, Circuit Judges.

WINTER, Circuit Judge:

This is a diversity action brought after the lifting of the automatic stay provided by the Bankruptcy Code, 11 U.S.C. § 362 (1982) ("the Code"). The bankrupt entity is Ramco, Inc. ("Ramco"), a steel processing concern which first filed for reorganization under Chapter 11 of the Code and thereafter moved to convert to a Chapter 7 liquidation. The plaintiff-appellee is MNC Commercial Corporation ("MNC"), which holds a perfected security interest...

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