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HARRIS TRUST AND SAV. BANK v. E-II HOLDINGS, INC.

No. 90-1095.

926 F.2d 636 (1991)

HARRIS TRUST AND SAVINGS BANK, an Illinois banking corporation, not individually but as Trustee, and LaSalle National Bank, a national banking association, not individually but as Trustee, Plaintiffs-Appellants, v. E-II HOLDINGS, INCORPORATED, a Delaware corporation, and American Brands, Incorporated, a Delaware corporation, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided February 21, 1991.

Rehearing and Rehearing Denied May 3, 1991.

Attorney(s) appearing for the Case

James E. Spiotto, Ann E. Acker, William P. Smith, Wendy Grossman, Kathryn M. Gleason, Chapman & Cutler, Chicago, Ill., for plaintiffs-appellants.

Terry M. Grimm, Timothy J. Rivelli, Gregory J. Bueche, Winston & Strawn, Chicago, Ill., Stephen A. Marshall, Abraham H. Levin, Gerald Harris, Rubin, Baum, Levin, Constant & Friedman, New York City, William Bruce Hoff, Jr., Mayer, Brown & Platt, Thomas M. Dethlefs, Jay Erens, Hopkins & Sutter, Chicago, Ill., Robert B. Mazur, Eric M. Roth, Wachtell, Lipton, Rosen & Katz, Daniel J. O'Neill, Chadbourne & Parke, New York City, for defendants-appellees.

Before WOOD, Jr., COFFEY, and KANNE, Circuit Judges.

Rehearing and Rehearing In Banc Denied May 3, 1991.

HARRINGTON WOOD, Jr., Circuit Judge.

Technically, they are high yield debt securities, but in common parlance we call them junk bonds. It is an unflattering and unwelcome appellation, due in no small part to the fact that oftentimes the securities are, quite literally, junk. See Kuhn, Junk: The Weak and the Strong, FORTUNE, Oct. 23, 1989, at 17. The appellants, trustees of high yield debt securities...

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