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IN RE FEDERALPHA STEEL LLC

Bankruptcy No. 03 B 43059. Adversary No. 05 A 978.

341 B.R. 872 (2006)

In re FEDERALPHA STEEL LLC, Debtor. Federalpha Steel LLC Creditors' Trust, Plaintiff, v. Federal Pipe & Steel Corporation; Russel Metals, Inc.; FA Steel Management, Inc.; Gilles Leroux; Sylvain Garneau; Wirth Limited; and Sunbelt Group, LLP, Defendants.

United States Bankruptcy Court, N.D. Illinois, Eastern Division.

May 31, 2006.

Attorney(s) appearing for the Case

Frances Gecker, Micah Krohn, Frank/Gecker LLP, Chicago, IL, Attorneys for plaintiff Federalpha Steel LLC Creditors' Trust.

Shalom L. Kohn, James C. Blenko, David A. Hall, Sidley Austin LLP, Chicago, IL, Attorneys for defendants Federal Pipe & Steel Corporation; Russel Metals, Inc.; FA Steel Management, Inc.; Gilles Leroux; Sylvain Garneau; Wirth Limited; and Sunbelt Group, LLP.

MEMORANDUM OPINION

A. BENJAMIN GOLDGAR, Bankruptcy Judge.

In May 2002, Federal Pipe & Steel Corporation and Alpha Steel Corporation jointly formed Federalpha Steel LLC to run three steel service centers. Federalpha rapidly ran into financial trouble. In mid-2003, Russel Metals, Inc. acquired Federal Pipe's parent company. On reviewing Federal Pipe's financial condition, Russel Metals concluded that the liability posed by Federalpha was too great...

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