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INTERNATIONAL ASSET RECOVERY CORP. v. THOMSON McKINNON SECURITIES INC.

No. 05 Civ. 8586(CM).

335 B.R. 520 (2005)

INTERNATIONAL ASSET RECOVERY CORP., assignee of Lawrence Lee, Defendant/Appellant, v. THOMSON McKINNON SECURITIES INC., Plaintiff/Appellee.

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

December 20, 2005.

Attorney(s) appearing for the Case

Benjamin Zelermyer, Steinberg & Cavaliere, LLP, White Plains, NY, for Defendant/Appellant.

Michael E. Wiles, Debevoise & Plimpton, LLP, New York City, for Plaintiff/Appellee.

DECISION AND ORDER

McMAHON, District Judge.

Introduction

Appellee Thomson McKinnon Securities Inc. (TMSI) filed for Chapter 11 bankruptcy in 1990, and submitted a liquidation plan under 11 U.S.C. § 1123(b)(4).

Mr. Lawrence Lee was one of the many unsecured creditors of TMSI. Pursuant to the terms of the Plan, he was paid 100% of the allowed amount of his claim — $119,888 — comprising...

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