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IN RE CANNON BALL INDUSTRIES, INC.

No. 93 C 20009.

155 B.R. 177 (1993)

In re CANNON BALL INDUSTRIES, INC., BMC America, Inc., (Cons.), Debtors. CANNON BALL INDUSTRIES INC., and BMC America, Inc., Plaintiffs, v. SEQUA CORPORATION, Defendant.

United States District Court, N.D. Illinois, W.D.

May 28, 1993.

Attorney(s) appearing for the Case

Kim Marie Casey, Holmstrom & Kennedy, Rockford, IL, Robert W. Gettlemen, D'Ancona & Pflaum, Chicago, IL, for plaintiff.

James E. Stevens, Barrick, Switzer, Long, Balsley & Van Evera, Rockford, IL, Ronald R. Peterson, Jenner & Block, Chicago, IL, for defendant.

ORDER

REINHARD, District Judge.

INTRODUCTION

Defendant, Sequa Corporation (Sequa), appeals the decision of the bankruptcy court, 150 B.R. 929, which held that payments made by a debtor to a creditor conferred a benefit on an insider guarantor even though the payments did not reduce the debt to an amount less than the guaranty. The bankruptcy court entered judgment in favor of debtor plaintiffs, Cannon Ball Industries...

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