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MATTER OF VIRTUAL NETWORK SERVICES CORP.

No. 89-2335.

902 F.2d 1246 (1990)

In the Matter of VIRTUAL NETWORK SERVICES CORPORATION, Debtor-Appellee. Appeal of UNITED STATES of America.

United States Court of Appeals, Seventh Circuit.

Decided May 14, 1990.

As Amended May 24, 1990.

Attorney(s) appearing for the Case

Thomas R. Lamons, D. Patrick Mullarkey, Gary R. Allen, Debra J. Stefanik, Gary D. Gray, Joanne Rutkowski, U.S. Dept. of Justice, Tax Div., Washington, D.C., for appellant.

Stephen T. Bobo, Towbin & Zazove, Richard G. Smolev, Sheldon L. Solow, Chicago, Ill., for debtor-appellee.

Before BAUER, Chief Judge, and CUMMINGS, Circuit Judge, and PELL, Senior Circuit Judge.

PELL, Senior Circuit Judge.

In this appeal, we must decide whether the district court erred in holding, contrary to the bankruptcy court's judgment, that 11 U.S.C. § 510(c)(1) empowers the bankruptcy court to equitably subordinate the Internal Revenue Service's (IRS) claim for non-pecuniary loss tax penalties1 to claims of other creditors in this Chapter 11 liquidation proceeding.

I. BACKGROUND

On September 23, 1986...

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