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MATTER OF ISRAEL-BRITISH BANK (LONDON) LIMITED

No. 74 Bkcy 1322.

401 F.Supp. 1159 (1975)

In the Matter of ISRAEL-BRITISH BANK (LONDON) LIMITED, Bankrupt.

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

October 10, 1975.

Attorney(s) appearing for the Case

Krause, Hirsch & Gross, New York City, for Israel-British Bank (London) Limited; Jack Gross, Sheldon Lowe, G. Oliver Koppell, New York City, of counsel.

Cadwalader, Wickersham & Taft, New York City, for Federal Deposit Ins. Corp., as successor in interest to Franklin National Bank; John J. Walsh, Earl H. Nemser, Paula Van Meter, New York City, of counsel.

Schwartz, Burns, Lesser & Jacoby, New York City, for Bank of the Commonwealth; Herbert P. Jacoby, New York City, of counsel.

MEMORANDUM

LASKER, District Judge.

This bankruptcy appeal raises an issue of first impression, which is of great significance to the international banking community. The economic interdependence among nations and the role of international banking in national and international affairs has evolved dramatically in this century. It is therefore understandable that when Congress in 1898 and 1910 specified in § 4 of the Bankruptcy Act who may and may not...

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