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IN RE ART METAL U.S.A., INC.

Bankruptcy No. 87-03015, Adv. Nos. 89-0308, 88-0646.

109 B.R. 74 (1989)

In re ART METAL U.S.A., INC., Debtor. Santo LA LOMIA, Trustee, and Glenfed Financial Corporation, Intervenor, Plaintiffs, v. UNITED STATES of America GENERAL SERVICES ADMINISTRATION and Pension Benefit Guaranty Corporation, Intervenor, Defendants. Santo LA LOMIA, Trustee, and Glenfed Financial Corporation, Intervenor, Plaintiffs, v. UNITED STATES POSTAL SERVICE and Pension Benefit Guaranty Corporation, Intervenor, Defendants.

United States Bankruptcy Court, D. New Jersey.

As Amended December 13, 1989.

Attorney(s) appearing for the Case

Cole, Schotz, Bernstein, Meisel & Forman by Gerald H. Gline, Hackensack, N.J., for Glenfed Financial Corp.

Office of the General Counsel Pension Ben. Guar. Corp. by Carol Connor Flowe, Gen. Counsel, Ralph Landy, Atty., for Pension Benefit Guaranty Corp.

United States Atty. D. of New Jersey by Janice Montana, for General Services Admin., U.S. Postal Service and I.R.S.

Schwartz, Tobia & Stanziale by Ben H. Becker, Montclair, N.J., for Trustee of Art Metal, U.S.A., Inc.

DANIEL J. MOORE, Bankruptcy Judge.

The matter presently before the Court is a motion for partial summary judgment brought by Glenfed Financial Corporation ("Glenfed") for an order declaring that the Pension Benefit Guarantee Corporation ("PBGC") is not entitled to setoff its claims against Art Metal — U.S.A., Inc. ("Art Metal" or "Debtor") against amounts owing to the Debtor by the United States Postal Service ("USPS") and the Government Services Administration...

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