MATTER OF MILWAUKEE CHEESE WISCONSIN, INC.

Nos. 96-3219 to 96-3221.

112 F.3d 845 (1997)

In the Matter of MILWAUKEE CHEESE WISCONSIN, INCORPORATED, Debtor-Appellee. Appeals of Jack STRAUS, Violet Straus, Wayne Treder, La Rue Treder, and Louis Beguhn.

United States Court of Appeals, Seventh Circuit.

Decided April 28, 1997.


Attorney(s) appearing for the Case

Dona J. Merg, Merg & Anderson, Madison, WI, Donald W. Bays, Osstyn, Bays, Ferns & Quinnell, Marquett, MI, Jonathan F. Thoits (argued), James B. Frakie, Day & Sawdey, Grand Rapids, MI, for Appellants.

Robert L. Mann, Kohner, Mann & Kailas, Milwaukee, WI, for Debtor-Appellee.

Before ESCHBACH, EASTERBROOK, and DIANE P. WOOD, Circuit Judges.


EASTERBROOK, Circuit Judge.

Milwaukee Cheese set up a "thrift savings plan" for its employees. The plan offered the convenience of payroll deductions plus an attractive rate of interest; the firm credited long-term employees with additional amounts under an informal profit-sharing plan. Problem: Milwaukee Cheese was not a bank and did not establish a credit union. (It could not have done so; the firm permitted employees' friends and relatives to participate, spoiling...

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