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COMMITTEE OF UNSECURED CREDITORS OF INTERSTATE CIGAR CO. v. INTERSTATE DISTRIBUTION, INC.

290 A.D.2d 407 (2002)

736 N.Y.S.2d 384

COMMITTEE OF UNSECURED CREDITORS OF INTERSTATE CIGAR CO., Respondent, v. INTERSTATE DISTRIBUTION, INC., et al., Defendants, and CONGRESS FINANCIAL CORPORATION, Appellant.

Appellate Division of the Supreme Court of the State of New York, Second Department.

Decided January 14, 2002.

Ordered that the judgment is affirmed, with costs.

In the transaction at issue, Interstate Cigar Co. (hereinafter ICC) transferred substantially all of its assets in its health and beauty division to the defendant Interstate Distribution, Inc. (hereinafter IDI). In exchange, IDI agreed, inter alia, to assume certain enumerated liabilities of ICC, including various accounts payable in the sum of $7,383,217, and to execute and deliver a promissory note to ICC in the...

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