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IN RE BENAY-ALBEE NOVELTY CO., INC.

Bankruptcy No. 91-42315-T.

146 B.R. 680 (1992)

In re BENAY-ALBEE NOVELTY CO., INC., Chapter 11 Debtor.

United States Bankruptcy Court, E.D. Virginia, Newport News Division.

July 27, 1992.

Attorney(s) appearing for the Case

Michael P. Cotter, Vandeventer, Black, Meredith & Martin, Norfolk, Va., for debtor.

Carol Weiner Levy, Schulte Roth & Zabel, New York City, for Rubies Costume Co., Inc. & Newport Hat & Cap Co.

James R. Sheeran, Marcus, Santoro & Kozak, Portsmouth, Va., for National Felt Co., Inc. & Jacobson Hat Co.

Thomas Cabaniss, Ann R. Bergan, McGuire, Woods, Battle & Boothe, Norfolk, Va., for Nationsbank of Virginia, N.A.

MEMORANDUM OPINION

DOUGLAS O. TICE, Jr., Bankruptcy Judge.

On March 4, 1992, the court held a hearing on the debtor-in-possession's motion to sell all of its tangible personal property consisting of manufacturing and office equipment to Newport Hat & Cap Co., Inc. (Newport Hat), a subsidiary of Rubies Costume Co., Inc., for the sum of $170,000.00 cash. The debtor was the operator of a hat manufacturing facility in Newport News, Virginia, which at the...

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