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IN RE APEX OIL CO.

No. 91-2833.

958 F.2d 243 (1992)

In re APEX OIL COMPANY, et al., Debtors. APEX OIL COMPANY, et al., Appellants, v. CLARK OIL & REFINING CORPORATION, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided March 6, 1992.

Attorney(s) appearing for the Case

Richard Ahrens, St. Louis, Mo., for appellants.

Alan Salpeter, (Howard Roin and Lynn Thesing, on brief), Chicago, Ill., for appellee.

Before BOWMAN and WOLLMAN, Circuit Judges, and WOODS, District Judge.

HENRY WOODS, District Judge.

I. BACKGROUND

This bankruptcy appeal revolves around the sale of assets from Apex Oil Company (hereinafter "Apex") to Clark Oil & Refining Corporation (hereinafter "Clark") in a post-bankruptcy agreement. By terms of the agreement, the purchase price would be an amount which would leave Apex with $15,000,000 in closing retained working capital (hereinafter "CRWC") to operate the businesses retained by Apex. Even

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