IN RE GRAHAM SQUARE, INC.

Nos. 96-4003, 96-4080.

126 F.3d 823 (1997)

In re: GRAHAM SQUARE, INC., Debtor. Michael DEMCZYK, Trustee, Appellant/Cross-Appellee, v. The MUTUAL LIFE INSURANCE COMPANY OF NEW YORK, Appellee/Cross-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided September 26, 1997.

Rehearing Denied October 17, 1997.


Attorney(s) appearing for the Case

Kenneth L. Gibson (argued and briefed), Weick, Gibson & Lowry, Cuyahoga Falls, OH, for Appellant/Cross-Appellee.

Stephen L. Black (argued and briefed), Graydon, Head & Ritchey, Cincinnati, OH, for Appellee/Cross-Appellant.

Before: MARTIN, Chief Judge; RYAN and GIBSON, Circuit Judges.


OPINION

RYAN, Circuit Judge.

The plaintiff, Michael Demczyk, a trustee in bankruptcy, appeals the district court's judgment that the trustee could not recover the proceeds of a letter of credit. The defendant, The Mutual Life Insurance Company of New York (MONY), a creditor, cross-appeals the district court's order remanding to the bankruptcy court for a recalculation of MONY's losses.

The trustee claims the district court erred in holding that the...

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