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IN RE PRUDENTIAL LINES, INC.

Bankruptcy No. 86-B-11773, Adv. No. 89-6430A.

107 B.R. 832 (1989)

In re PRUDENTIAL LINES, INC., Debtor. The OFFICIAL COMMITTEE OF UNSECURED CREDITORS and Cold Spring Shipping, L.P., Plaintiffs, v. PSS STEAMSHIP COMPANY, INC., Defendant.

United States Bankruptcy Court, S.D. New York.

December 4, 1989.

Attorney(s) appearing for the Case

White & Case, New York City by Allan L. Gropper, Barbie D. Lieber, and James Laughlin, for The Official Committee of Unsecured Creditors.

Wilmer, Cutler & Pickering, Washington, D.C. by Timothy Dyk, William J. Perlstein, Philip D. Anker, Bryan Slone, and Patrick T. Conners, for Cold Spring Shipping, L.P.

Battle Fowler, New York City by W. Bruce Johnson, Nancy J. Mrazek, and Richard L. O'Toole, for PSS Steamship Company, Inc.

HOWARD C. BUSCHMAN, III, Bankruptcy Judge.

The instant motion for a preliminary injunction presents the legal issue of whether a debtor's potential ability to carry over pre-bankruptcy net operating losses is protected by the automatic stay from the claiming of a worthless stock deduction by its parent.

Plaintiffs, the Official Committee of Unsecured Creditors (the "Creditors' Committee") and Cold Spring Shipping...

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