Nos. 96-3879, 96-3937.

140 F.3d 1111 (1998)

In the Matter of P.A. BERGNER & COMPANY, formerly doing business as P.A. Bergner & Company of Illinois, Debtor. P.A. BERGNER & CO., Plaintiff-Appellee, Cross-Appellant, v. BANK ONE, MILWAUKEE, N.A., Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided April 9, 1998.

Attorney(s) appearing for the Case

Marc Beem, Michael L. Shakman, Miller, Shakman, Hamilton, Kurtzon & Schlifke, Chicago, IL, Barkley Clark (argued), Mark Moedritzer, Shook, Hardy & Bacon, Kansas City, MO, Michael R. Wherry, Michael C. Runde, Davis & Kuelthau, Milwaukee, WI, Thomas G. Boyer, Russell S. Long, Milwaukee, WI, for Bank One, Milwaukee, N.A.

Douglas K. Mayer, Amy R. Wolf, David C. Bryan, Wachtell, Lipton, Rosen & Katz, New York City, Marshall Simmons, Dallas, TX, Elizabeth Warren (argued), Harvard Law School, Cambridge, MA, Charles J. Hansen, Carson Pirie Scott & Company, Milwaukee, WI, for P.A. Bergner & Company.

Before CUMMINGS, WOOD, JR., and DIANE P. WOOD, Circuit Judges.

DIANE P. WOOD, Circuit Judge.

The proper treatment of standby letters of credit in bankruptcy proceedings is a subject of considerable complexity. In this case, P.A. Bergner & Company was the account party for standby letters of credit that Bank One Milwaukee, N.A. ("Bank One") issued in favor of two beneficiaries. Shortly before Bergner declared bankruptcy, it made certain payments to Bank One to cover the bank's own payments honoring the letters of credit. Bergner...

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