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MATTER OF ENVIRODYNE INDUSTRIES, INC.

Nos. 95-2733, 95-2734, 95-2735, and 95-2754.

79 F.3d 579 (1996)

In the Matter of ENVIRODYNE INDUSTRIES, INC., Debtor-Appellee. Appeals of Seymour J. Ryckman, Illinois Department of Financial Institutions, State of California, Jerry M. Friedman, as custodian for Julie, Jennifer and Mark Friedman, James Null, and David B. Bloom.

United States Court of Appeals, Seventh Circuit.

Decided March 15, 1996.

Attorney(s) appearing for the Case

Ira Rubin, Robert Krenkowitz (argued), Goldman, Rubin & Shapiro, Dayton, OH, for Seymour J. Ryckman.

Rita M. Novak, Edward B. Glicken, Office of Atty. Gen., David I. Herbst, Allan S. Brilliant (argued), Nancy A. Peterman, Holleb & Coff, Chicago, IL, for Envirodyne Industries, Inc.

Edward B. Glicken, Robert Krenkowitz (argued), Office of Atty. Gen., Chicago, IL, for Illinois Dept. of Financial Institutions.

Bruce L. Wald, Tishler & Wald, Chicago, IL, Daniel E. Lugren, Yeoryios C. Apallas, Office of California Atty. Gen., San Francisco, CA, Robert P. Krenkowitz (argued), Robbinsville, NJ, David J. Epstein, Boston, MA, for State of Cal., Jerry M. Friedman, James Null.

Jeffrey B. Rose, A.E. Briseno, Tishler & Wald, Chicago, IL, for David B. Bloom.

Before CUMMINGS, RIPPLE and EVANS, Circuit Judges.

CUMMINGS, Circuit Judge.

Defendants in this case failed to tender shares of stock in a corporation entering a shortform merger under Delaware law. Their equity interest was thus converted into debt and they retained the right to redeem their canceled shares for a specified amount without interest. They failed to do so, however, before the newly formed corporation filed for Chapter 11 bankruptcy, and Defendants now complain that the Bankruptcy Court improperly subordinated...

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