IN RE SRJ ENTERPRISES, INC.

Bankruptcy No. 92 B 06101, Adv. No. 92 A 00771.

150 B.R. 933 (1993)

In re SRJ ENTERPRISES, INC., d/b/a Stephen Jones Nissan of Buffalo Grove, Debtor. NBD PARK RIDGE BANK, Plaintiff, v. SRJ ENTERPRISES, INC., d/b/a Stephen Jones Nissan of Buffalo Grove; and Success National Bank of Lincolnshire, f/k/a First National Bank of Lincolnshire, Defendants.

United States Bankruptcy Court, N.D. Illinois, E.D.

February 17, 1993.


Attorney(s) appearing for the Case

Edward J. Lesniak, Burke, Warren & MacKay, P.C., Chicago, IL, for NBD Park Ridge Bank.

Keevan D. Morgan, Durkin, Morgan, Roberts Barnett & Bley, Chicago, IL, for Success Nat. Bank of Lincolnshire f/k/a First Nat. Bank of Lincolnshire.

Mark S. Lieberman, Rosenthal & Schanfield, P.C., Chicago, IL, for debtor.

Katy Gleason, Dept. of Justice, Chicago, IL, for United States Trustee.


AMENDED MEMORANDUM OPINION

RONALD S. BARLIANT, Bankruptcy Judge.

An automobile dealer financed the purchase and operation of its dealership with loan proceeds from two secured creditors. After filing a voluntary petition under chapter 11, the Debtor sold all of its dealership assets to another automobile dealer. Included as part of the sales proceeds is $125,000 paid for the Debtor's voluntary termination of its franchise agreement. The Debtor has filed...

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