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MATTER OF L & S INDUSTRIES, INC.

No. 91-3663.

989 F.2d 929 (1993)

In the Matter of: L & S INDUSTRIES, INCORPORATED, Debtor-Appellee. Appeal of: Elaine T. WILLIAMS, Executor of the Estate of Gary Williams.

United States Court of Appeals, Seventh Circuit.

Decided March 24, 1993.

As Amended April 15, 1993.

Attorney(s) appearing for the Case

Ralph E. Brown (argued), David M. Giangrossi, Schuyler, Roche & Zwirner, Chicago, IL, Judith L. Borden, Milwaukie, OR, for plaintiff-appellant.

James Geis (argued), Chicago, IL, for appellee.

Before FLAUM and RIPPLE, Circuit Judges, and KAUFMAN, Senior District Judge.

FLAUM, Circuit Judge.

Toward the end of 1980, Gary Williams agreed to sell his one-half interest in L & S Industries to the company and to Lawrence Stefan. L & S Industries executed a promissory note to cover its $750,000 obligation to Williams. Stefan and his wife Judith guaranteed the obligations of L & S Industries by delivering to Williams a guaranty on the L & S promissory note. About a year after this transaction, L & S Industries filed for...

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