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IN RE H.R. HINDLE & CO., INC.

Bankruptcy No. 92-11755S, Adv. No. 92-0490S.

149 B.R. 775 (1993)

In re H.R. HINDLE & CO., INC., Debtor. MERRILL FARMS CORP., Food Services of America, Inc. d/b/a Amerifresh, Appleland Trading Corporation, Cardinal Distributing Co., Inc., Growers Vegetable Express, Prevor Marketing International, Inc., Produce West, Inc., Sam Perricone Citrus Co., Inc., Seald Sweet Growers, Inc., Suntreat Growers & Shippers, Inc., Plaintiffs, v. H.R. HINDLE & CO., INC., Glendale National Bank of New Jersey, Elias Lenard, Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

January 13, 1993.

Attorney(s) appearing for the Case

Edward E. Cohen, Philadelphia, PA, for debtor & Elias Lenard.

Jeffrey M. Chebot, Owens, Whiteman and Bankes, Philadelphia, PA, Lawrence H. Meuers, Naples, FL, for plaintiffs.

J. Eric Kishbaugh, Voorhees, NJ, for Glendale Nat. Bank of New Jersey.

J. Scott Victor, Philadelphia, PA, for Zambito Producers, Inc. et al.

Frederic Baker, Asst. U.S. Trustee, Philadelphia, PA, U.S. Trustee.

OPINION

DAVID A. SCHOLL, Bankruptcy Judge.

A. INTRODUCTION

The instant proceeding represents this court's first extensive encounter with the 1984 amendments to the Perishable Agricultural Commodities Act, 7 U.S.C. § 499e, et seq. ("PACA"), which, as amended in 1984, provides that producers of commodities covered by PACA are entitled to a "floating trust" on proceeds of sales of those commodities. Despite our general skepticism of claims...

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