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COVEY v. COMMERCIAL NAT. BANK OF PEORIA

Nos. 91-1843, 91-1896.

960 F.2d 657 (1992)

Charles E. COVEY, as Trustee of V. Jobst & Sons, Inc., Plaintiff-Appellee, Cross-Appellant, v. COMMERCIAL NATIONAL BANK OF PEORIA, et al., Defendants-Appellants, Cross-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided April 3, 1992.

As Amended April 10, 1992.

Attorney(s) appearing for the Case

Gregg N. Grimsley (argued), Vonachen, Lawless, Trager & Slevin, Peoria, Ill., for appellants Federal Deposit Ins. Corp., Continental Illinois Nat. Bank and Trust Co. of Chicago and Commercial Nat. Bank of Peoria.

James S. Brannon (argued), Peoria, Ill., for appellee Charles E. Covey.

Before EASTERBROOK and KANNE, Circuit Judges, and SHARP, District Judge.

EASTERBROOK, Circuit Judge.

A preference-recovery action requires us to revisit one aspect of In re Xonics Photochemical, Inc., 841 F.2d 198 (7th Cir.1988): how to value contingent liabilities. In 1982 a construction enterprise reorganized. Jobst Corporation was created as a holding company, with stock in four subsidiaries its only assets. With the consent of the lenders, the holding company assumed all of the debt that the...

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