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IN RE SWEDELAND DEVELOPMENT GROUP, INC.

No. 92-5552.

16 F.3d 552 (1994)

In re SWEDELAND DEVELOPMENT GROUP, INC., Debtor. The RESOLUTION TRUST CORPORATION, as Conservator of Carteret Federal Savings Bank v. SWEDELAND DEVELOPMENT GROUP, INC.; Haylex Acquisition Company; Unsecured Creditors Committee; First Fidelity Bank, National Association. Swedeland Development Group, Inc., Appellant.

United States Court of Appeals, Third Circuit.

Decided February 25, 1994.

Attorney(s) appearing for the Case

Robert A. Baime (argued), Ravin, Sarasohn, Cook, Baumgarten, Fisch & Baime, Roseland, NJ, for appellant.

Michael D. Sirota (argued), Cole, Schotz, Bernstein, Meisel & Foreman, Hackensack, NJ, for Unsecured Creditor's Committee.

Frank J. Vecchione (argued), Crummy, Del Deo, Dolan, Griffinger & Vecchione, Newark, NJ, for appellee The Resolution Trust Corp. as Conservator of Carteret Federal Sav. Bank.

Before SLOVITER, Chief Judge, and BECKER, STAPLETON, MANSMANN, GREENBERG, HUTCHINSON, SCIRICA, COWEN, NYGAARD, ALITO, ROTH, and LEWIS, Circuit Judges.

Argued June 7, 1993.

Before GREENBERG, NYGAARD, and LEWIS, Circuit Judges.

Reargued in banc Feb. 2, 1994.

Before SLOVITER, Chief Judge, and BECKER, STAPLETON, MANSMANN, GREENBERG, HUTCHINSON, SCIRICA, COWEN, NYGAARD, ALITO, ROTH, and LEWIS, Circuit Judges.

OPINION OF THE COURT

GREENBERG, Circuit Judge.

I. INTRODUCTION

Swedeland Development Group, Inc., a debtor in possession under Chapter 11 of the Bankruptcy Code...

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