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IN RE TOWER AIR, INC.

No. 03-3101.

397 F.3d 191 (2005)

In re: TOWER AIR, INC., Debtor Charles A. Stanziale, Jr., Chapter 7 Trustee of Tower Air, Inc., Appellant v. Finova Capital Corporation.

United States Court of Appeals, Third Circuit.

Decided February 10, 2005.

Attorney(s) appearing for the Case

Diane E. Vuocolo (Argued), Duane Morris, Philadelphia, PA, for Appellant.

Jeffrey M. Schlerf, The Bayard Firm, Wilmington, DE, Jill Levi (Argued), Todd & Levi, New York, NY, for Appellee.

Before: SCIRICA, Chief Judge, FISHER and BECKER, Circuit Judges.

OPINION OF THE COURT

BECKER, Circuit Judge.

This appeal by Charles Stanziale, the Chapter 7 trustee ("the Trustee") of debtor Tower Air, Inc., presents a question of first impression for us: whether a secured creditor in a Chapter 7 bankruptcy may recover the insurance proceeds intended to pay for damage to its collateral, while retaining the fully repaired collateral. We conclude that, under the circumstances of this case, it can. More specifically, we...

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