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IN RE STEVENS LINEN ASSOCIATES, INC.

Bankruptcy No. 93-40042-JFQ, Adv. No. 93-4062.

156 B.R. 718 (1993)

In re STEVENS LINEN ASSOCIATES, INC., Debtor. STEVENS LINEN ASSOCIATES, INC., Plaintiff, v. Hugh W. CRAWFORD, Jr. and Glenfed Financial Corporation, Defendants.

United States Bankruptcy Court, D. Massachusetts.

July 14, 1993.

Attorney(s) appearing for the Case

John Woodward, Seder & Chandler, Worcester, MA, for plaintiff Stevens Linen Associates, Inc.

Joseph W. Allen, III, Dunn, Leader & Allen, Worcester, MA, C. Hall Swaim, C. Hall Swaim, Hale and Dorr, Boston, MA, for Hugh W. Crawford, Jr.

Richard L. Levine, Hill & Barlow, Boston, MA, for Glenfed Financial Corp.

OPINION

JAMES F. QUEENAN, Jr., Chief Judge.

This is a fraudulent transfer action brought by the debtor in possession, Stevens Linen Associates, Inc. ("Stevens"), seeking to avoid transfers made and obligations incurred in connection with a 1988 leveraged buyout of all its outstanding capital stock. The defendants are Hugh W. Crawford, Jr. ("Crawford"), who held most of the stock sold, and Glenfed Financial Corporation ("Glenfed"), which financed the transaction...

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