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IN RE LYONS EQUIPMENT CO., INC.

Bankruptcy No. 09-12419 B. Adversary No. 09-1059 B.

436 B.R. 281 (2010)

In re LYONS EQUIPMENT COMPANY, INC., Debtor. Andrew Reese, Plaintiff v. Lyons Equipment Co., Inc., Lyons Equipment Co., Inc. Shareholders, Lyons Equipment Co. Inc. Board of Directors, Greystone Business Credit II, LLC, Michael Brummer, and John Lyons, Defendants.

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

September 8, 2010.

Attorney(s) appearing for the Case

Kevin T. Stocker, Esq. , Tonawanda, NY, for Plaintiff Andrew Reese.

Ruskin, Moscou, Faltischek, Jeffrey A. Wurst, Esq. , of counsel, Daniel L. McAuliffe, Esq. , of counsel, Uniondale, NY, for Defendant Greystone Business Credit II, LLC.

Phillips, Lytle, Hitchcock, Blaine, et al., Alan J. Bozer, Esq. , of counsel, Kevin J. Mulvehill, Esq. , of counsel, Joshua P. Fleury, Esq. , of counsel, Buffalo, NY, for Defendant Michael Brummer.

DiCerbo & Palumbo, Michael A. Morgan, Esq. , of counsel, Olean, NY, for Defendant John Lyons.

Jaeckle Fleischmann & Mugel LLP, Beverley S. Braun, Esq. of counsel, William C. Grossman, Esq. , of counsel, Buffalo, NY, for Defendant Lyons Equipment Co., Inc.

BUCKI, Chief Judge.

Prior to the commencement of bankruptcy proceedings in this case, a secured creditor caused the appointment of a chief restructuring officer to operate the business of the debtor. The underlying issue in the present dispute is whether that secured creditor and a chief restructuring officer or workout manager owe a fiduciary duty to assure payment of pre-existing creditors.

In the summer of 2008, Lyons Equipment Company, Inc., owed more...

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