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PETITION OF TRECO

No. 96 Civ. 3170 (SS), Bankruptcy No. 95 B 44326 (JLG).

205 B.R. 358 (1997)

In re Petition of Alison J. TRECO and David Patrick Hamilton, as Liquidators of Meridien International Bank Limited (In Liquidation), Debtor in Foreign Proceedings.

United States District Court, S.D. New York.

February 10, 1997.

Attorney(s) appearing for the Case

Otterbourg, Steindler, Houston & Rosen, P.C., Kurt J. Wolff, (Daniel Wallen, of counsel), New York City, for Appellants, The Bank of New York and JCPL Leasing Corp.

Stroock & Stroock & Lavan, Melvin A. Brosterman (David Bolton, of counsel), New York City, for the Liquidators of Meridien International Bank.

MEMORANDUM AND ORDER

SOTOMAYOR, District Judge.

Appellants, The Bank of New York and JCPL Leasing Corp. (collectively the "Bank"), appeal from an order signed by the Bankruptcy Court on March 12, 1996 (the "Modified Order"). For the reasons to be discussed, the Modified Order is affirmed.

BACKGROUND

On December 8, 1995, the Bankruptcy Court, by the Hon. James L. Garrity Jr., entered a Preliminary Injunction Order (the

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