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NEW JERSEY STEEL CORP. v. BANK OF NEW YORK

No. Civ.A 95 CIV. 3071MP.

223 B.R. 406 (1998)

NEW JERSEY STEEL CORPORATION, Plaintiff, v. The BANK OF NEW YORK, Defendant.

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

June 5, 1998.

Attorney(s) appearing for the Case

Jacobs Persinger & Parker, New York City (J. Michael Bayda and Debra E. Bodian, of counsel), for Plaintiff.

Hahn & Hessen, LLP, New York City, (Steven J. Mandelsberg and Maria A. Arnott, of counsel), for Defendant.

OPINION AND DECISION

MILTON POLLACK, Senior District Judge.

PRELIMINARY

A. The defendant The Bank of New York ("BNY"), pursuant to an Inter-Creditor Agreement, agreed with plaintiff, New Jersey Steel Corporation ("NJS"), to share with NJS the proceeds from the sale of all the assets of A.J. Ross Logistics, Inc. ("AJR") pledged by AJR to BNY as security for the indebtedness of AJR to BNY. The collateral securing the indebtedness consisted...

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