IN RE HELDOR INDUSTRIES, INC.

Bankruptcy No. 90-35602.

131 B.R. 578 (1991)

In re HELDOR INDUSTRIES, INC., a Connecticut Corporation, Debtor.

United States Bankruptcy Court, D. New Jersey.

September 6, 1991.


Attorney(s) appearing for the Case

Frank J. Vecchione, Crummy, Del Deo, Dolan, Griffinger & Vecchione, Newark, N.J., for debtor.

Peter Sarasohn, Ravin, Sarasohn, Cook, Baumgarten, Fisch & Baime, Roseland, N.J., for Creditors Committee.

Allan S. Brilliant, Skadden, Arps, Slate, Meagher & Flom, Chicago, Ill., for New Bank of New England, N.A.

Rachel Jeanne Lehr, Office of Atty. Gen. of N.J., Trenton, N.J., for Dept. of Environmental Protection.

Barbara H. Katz, Schatz & Schatz, Ribicoff & Kotkin, Hartford, Conn., for HI Acquisition Corp. and Aqua Fab Industries, Inc.

Stephen B. McNally, Sills, Cummis, Zuckerman, Radin, Tischman, Enstein & Gross. P.A., Newark, N.J., for One Cory Road Associates.


MEMORANDUM OPINION

STEPHEN A. STRIPP, Bankruptcy Judge.

This opinion addresses an objection by the New Jersey Department of Environmental Protection ("DEP") to a proposed settlement involving distribution of the proceeds of a sale of substantially all of the Debtor's assets. Under the settlement, most of the sale proceeds would be paid to New Bank of New England, N.A. ("The Bank"), which had a lien on virtually all of the Debtor's assets. The balance of...

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