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CASE OF EASTMET CORP.

No. 89-2489.

907 F.2d 1487 (1990)

In the Case of EASTMET CORPORATION, Debtor. Suzanne MENSH, Clerk of the Circuit Court for Baltimore County, Plaintiff-Appellant, v. EASTERN STAINLESS CORPORATION, Defendant-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided July 16, 1990.

As Amended August 16, 1990.

Attorney(s) appearing for the Case

Julia Melville Freit, Asst. Atty. Gen., Baltimore, Md., argued (J. Joseph Curran, Jr., Atty. Gen., Baltimore, Md., on brief), for plaintiff-appellant.

Lawrence David Coppel, Gordon, Feinblatt, Rothman, Hoffberger & Hollander, Baltimore, Md., argued (Antoinette C. Emery, Gordon, Feinblatt, Rothman, Hoffberger & Hollander, Baltimore, Md., on brief), for defendant-appellee.

Before PHILLIPS and MURNAGHAN, Circuit Judges, and SMITH, Senior Circuit Judge, United States Court of Appeals for the Federal Circuit, sitting by designation.

MURNAGHAN, Circuit Judge:

Here is a case that illustrates the necessity to cut square corners in dealing with a statute providing a tax exemption. Eastmet Corporation, a bankrupt, proceeding under a confirmed Chapter 11 reorganization plan, sold to Eastern Stainless Corporation ("ESC") several assets, including real property located in Baltimore County, Maryland. To finance the purchase, ESC borrowed $15,000,000 from Pittsburgh National Bank and BT Commercial Corporation...

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