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MATTER OF BEVILL, BRESLER & SCHULMAN ASSET MGMT.

No. 89-5422.

896 F.2d 54 (1990)

In the Matter of BEVILL, BRESLER & SCHULMAN ASSET MANAGEMENT CORPORATION, Debtor. Saul S. COHEN, Trustee of Bevill, Bresler & Schulman Asset Management Corporation v. The SAVINGS BUILDING & LOAN COMPANY, Appellant.

United States Court of Appeals, Third Circuit.

Decided February 22, 1990.

Attorney(s) appearing for the Case

Gilbert Backenroth (argued), Hahn & Hessen, New York City, for appellant.

Gary N. Marks (argued), Ravin, Greenberg & Zackin, P.A., Roseland, N.J., for appellee.

Before HUTCHINSON, COWEN and WEIS, Circuit Judges.

OPINION OF THE COURT

COWEN, Circuit Judge.

This appeal involves the application of the law of setoff to a series of securities repurchase agreements, or "repos," between Savings Building & Loan Company ("Savings") and Bevill, Bresler & Schulman Asset Management Corporation ("AMC"). After AMC filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code, its Trustee, Saul S. Cohen, commenced an action in district court to compel...

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