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MOODY v. SECURITY PACIFIC BUSINESS CREDIT, INC.

Civ. A. No. 83-2383.

127 B.R. 958 (1991)

James MOODY, Trustee of the Estate of Jeannette Corporation, et al., Plaintiffs, v. SECURITY PACIFIC BUSINESS CREDIT, INC., et al., Defendants, v. Frank W. STOREY and Calvin McCracken, individuals, Third-Party Defendants.

United States District Court, W.D. Pennsylvania.

May 29, 1991.

Attorney(s) appearing for the Case

Robert J. Cindrich, David B. Mulvihill, Manning J. O'Connor II, Mansmann Cindrich & Titus, Douglas A. Campbell, Stanley E. Levine, Campbell & Levine, Pittsburgh, Pa., for plaintiffs.

James D. Morton, George L. Cass, Buchanan Ingersoll, P.C., Pittsburgh, Pa., William F. Lloyd, Michael J. Sweeney, Sidley & Austin, Chicago, Ill., for defendant, Security Pacific Business.

David J. Armstrong, George E. McGrann, Dickie, McCamey & Chilcote, Pittsburgh, Pa., Philip M. Halpern, Collier, Cohen, Shields & Bock, New York City, for defendants, Coca Cola of New York and KNY Development.

W. Woodruff Turner, Robert B. Sommer, Terry Budd, Kirkpatrick & Lockhart, Pittsburgh, Pa., for defendants, John P. Brogan, John J. Brogan, Hanley Dawson, Jr., Hanley Dawson III, James McLean, James R. Winoker, J. Corp., Inc. and Muench-Kreuzer Candle Co.

Robert L. Potter, Frank R. Arcuri, Strassburger, McKenna, Gutnick & Potter, Pittsburgh, Pa., for third-party defendant, Frank W. Storey.

Grace S. Harris, Pittsburgh, Pa., for third-party defendant, Calvin D. McCracken.

OPINION

DIAMOND, District Judge.

Introduction

More than eighty years after the founding of its predecessor company, the Jeannette Corporation (sometimes hereafter "Jeannette") suffered an economic decline and bankruptcy in late 1982 from which it never recovered. Plaintiff, James Moody, Trustee of the bankruptcy estate, instituted this action to recover in excess of $12 million from the participants of a leveraged buyout of Jeannette that...

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