IN RE BANKVEST CAPITAL CORP.

No. 03-1613.

375 F.3d 51 (2004)

In re BANKVEST CAPITAL CORP., Debtor. Fleet National Bank, Appellee, v. Stephen C. Gray, as Liquidating Supervisor for Bankvest Capital Corp.; The Official Committee of Unsecured Creditors for Bankvest Capital Corp., a/k/a Post Effective Date Committee, Appellants.

United States Court of Appeals, First Circuit.

Decided July 12, 2004.


Attorney(s) appearing for the Case

Charles R. Bennett, Jr. with whom Kathleen E. Cross, David C. Kravitz and Hanify & King, P.C. were on brief for appellants.

Sabin Willett with whom Julie Frost-Davies, Rheba Rutkowski and Bingham McCutchen LLP were on brief for appellee.

Before LIPEZ, Circuit Judge, CAMPBELL, Senior Circuit Judge, and HOWARD, Circuit Judge.


LEVIN H. CAMPBELL, Senior Circuit Judge.

This appeal from diverging decisions of the bankruptcy and district courts involves a cautionary tale about the dangers of ignoring the "automatic stay" that takes effect upon the filing of a bankruptcy petition. All would have been routine had Fleet National Bank ("Fleet") declined to avail itself of certain postpetition payments tendered to it by its bankrupt borrower Bankvest Capital...

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