MEMORANDUM OPINION
JOHN E. HOFFMAN, Jr., Bankruptcy Judge.
Prior to filing this Chapter 11 case, QDS Components, Inc. ("QDS" or the "Debtor") entered into agreements, denominated leases, providing for the use of two Johnford TC-35 Turning Centers (the "Lathes"). The issue before the Court is whether the agreements constitute true leases or, as alleged by Lakin Manufacturing Company ("Lakin"), disguised security agreements.
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