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IN RE IONOSPHERE CLUBS, INC.

Bankruptcy Nos. 89 B 10448 (BRL), 89 B 10449 (BRL), No. 90 Civ. 4323 (RWS).

123 B.R. 166 (1991)

In re IONOSPHERE CLUBS, INC. and Eastern Air Lines, Inc., Debtors. FIRST NATIONAL BANK OF BOSTON, Banque Francaise Du Commerce Exterieur, Banque Nationale De Paris, Bayerische Vereinsbank, Credit Lyonnais, Deutsche Bank, A.G., Dresdner Bank, A.G., Kreditanstalt Fur Wiederaufbau, Midland Bank PLC, Societe Generale, Westdeutsche Landesbank Girozentrale and Lazard Brothers & Co., Ltd., Appellants, v. Martin R. SHUGRUE, Jr., as Trustee for Eastern Air Lines, Inc., Appellee.

United States District Court, S.D. New York.

January 17, 1991.

Attorney(s) appearing for the Case

Choate, Hall & Stewart (Peter A. Fine, of counsel), Boston, Mass., for First Nat. Bank of Boston.

Sullivan & Cromwell (Robinson B. Lacy, of counsel), New York City, for European Lenders.

Weil, Gotshal & Manges (Bruce R. Zirinsky, Sharon Youdelman, Deryck A. Palmer, of counsel), New York City, for Martin R. Shugrue, Jr.

OPINION

SWEET, District Judge.

A number of financial institutions holding promissory notes of Eastern Airlines have appealed from a ruling of the Bankruptcy Court, In re Ionosphere Clubs, Inc., 112 B.R. 78 (Bankr.S.D.N.Y.1990), that certain security interests which they hold in equipment owned by Eastern Airlines, Inc. ("Eastern") are not exempted by § 1110 of the Bankruptcy Code, 11 U.S.C. § 1110, from the...

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