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IN RE FREESTATE MANAGEMENT SERVICES, INC.

Bankruptcy No. 88-5-1912-JS, Adv. No. A90-0453-JS.

153 B.R. 972 (1993)

In re FREESTATE MANAGEMENT SERVICES, INC. Richard L. WASSERMAN, Chapter 11 Trustee, Plaintiff v. VILLAGE ASSOCIATES, Defendant.

United States Bankruptcy Court, D. Maryland.

April 8, 1993.

Attorney(s) appearing for the Case

Richard L. Wasserman, Rochelle B. Fowler, Venable, Baetjer and Howard, Baltimore, MD.

F. Thomas Rafferty, Lawrence J. Yumkas, Blum, Yumkas, Mailman, Gutman and Denick, P.A., Baltimore, MD.

MEMORANDUM OPINION GRANTING TRUSTEE'S COMPLAINT TO RECOVER A PREFERENTIAL TRANSFER

JAMES F. SCHNEIDER, Bankruptcy Judge.

SYNOPSIS AND ISSUES.

A bank made secured loans totalling $675,000 to directors of an insolvent corporation for the benefit of the corporation. Other directors made unsecured loans directly to the corporation in the amount of $75,000. The corporation used $20,409.49 of the loan proceeds to repay an...

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