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IN RE PHOENIX, LTD.

Bankruptcy No. 85-452, Civil Action No. 96-507-RRM.

213 B.R. 57 (1997)

In re The PHOENIX, LTD., t/a Chequers, Ltd., Debtor. Jerome A. POOLE, William L. Curry, and The Phoenix, Ltd., t/a Chequers, Ltd., Appellants v. C. Glen DUGDALE, Appellee.

United States District Court, D. Delaware.

July 25, 1997.

Attorney(s) appearing for the Case

Wayne J. Carey, Heather D. Jefferson, Esquire, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, DE, for Appellants.

Robert D. Goldberg, Biggs & Battaglia, Wilmington, DE, for Appellee.

OPINION

McKELVIE, District Judge.

This is a bankruptcy case. The debtor is The Phoenix, Ltd., a corporation that once operated Chequers, Ltd., a men's clothing store in Wilmington, Delaware. Jerome A. Poole and William L. Curry are the shareholders of The Phoenix, having purchased their stock from C. Glen Dugdale and William K. Dugdale in April 1984.

In November 1985, Poole and Curry filed on behalf...

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