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MATTER OF TAK COMMUNICATIONS, INC.

No. 92-1961.

985 F.2d 916 (1993)

In the Matter of TAK COMMUNICATIONS, INCORPORATED, Debtor-Appellee. Appeal of NEW BANK OF NEW ENGLAND, N.A., individually and as agent for Chemical Bank, the New Connecticut Bank and Trust Company, N.A., Heller Financial, Incorporated, the Bank of Nova Scotia, Ameritrust Company National Association, and Norwest Bank Minnesota, National Association.

United States Court of Appeals, Seventh Circuit.

Decided February 9, 1993.

Attorney(s) appearing for the Case

Roy L. Prange, Quarles & Brady, Madison, WI, and Peter A. Fine (argued), Choate, Hall & Stewart, Boston, MA, for appellant.

David G. Walsh, Michael B. Van Sicklen (argued), and Joan L. Eads, Foley & Lardner, Madison, WI, for appellee.

Brady C. Williamson, Margaret J. Vergeront (argued), Timothy F. Nixon, Lafollette & Sinykin, Madison, WI, and Ralph W. Hardy, Jr., and Thomas J. Hutton, Dow, Lohnes & Albertson, Washington, DC, for debtor-appellee.

Before MANION and ROVNER, Circuit Judges, and ESCHBACH, Senior Circuit Judge.

ILANA DIAMOND ROVNER, Circuit Judge.

The secured creditors of Tak Communications, Inc. ("Tak") have asserted liens against the broadcasting licenses issued to Tak by the Federal Communications Commission ("FCC").1 After Tak filed a voluntary bankruptcy petition under Chapter 11 of the Bankruptcy Code, these creditors initiated an adversary proceeding in the bankruptcy court seeking to have their...

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