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IN RE MAY LEE INDUSTRIES, INC.

No. 74 B 166.

380 F.Supp. 1 (1974)

In the Matter of MAY LEE INDUSTRIES, INC., Debtor.

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

July 19, 1974.

Attorney(s) appearing for the Case

David C. Buxbaum, New York City, for appellant.

John F. Triggs, New York City (Robert M. McCulloch, Jr., J. Rush Barnes, Hawkins, Delafield & Wood, New York City, of counsel), for appellee Chartered Bank.

William M. Silverman, for appellee Chemical Bank.

ROBERT J. WARD, District Judge.

This is an expedited appeal by May Lee Industries, Inc. ("May Lee" or "the debtor"), the debtor-in-possession under Chapter XI of the Bankruptcy Act, 11 U.S.C. § 701 et seq., from a determination of Bankruptcy Judge John J. Galgay that the Chartered Bank ("Chartered") and Chemical Bank ("Chemical") (together "the banks") have valid perfected security interests in assets of the debtor. For the reasons hereinafter stated, the order...

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