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MATTER OF IMFC FINANCIAL CORP.

No. 80 B 10388, Adv. No. 80-5410-A.

11 B.R. 874 (1981)

In the Matter of IMFC FINANCIAL CORP., Debtor. Chester B. SALOMON, as Trustee of the Estate of IMFC Financial Corp., Debtor, Plaintiff, v. GRAPHIC COMMUNICATIONS CORP., Michael Bernstein, Harry Schaeffer, Max Borenstein, Irving Parnes, Joseph Yachnowitz, Jeffrey Bleustein, Samuel Silver, and Allan Bernstein, Defendants.

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

June 15, 1981.

Attorney(s) appearing for the Case

Sherman & Citron, New York City, for Barry Schaeffer, et al.

Chester B. Salomon, New York City, Trustee.

Kass, Goodkind, Wechsler & Labaton, New York City, for Graphic, et al.

JOHN J. GALGAY, Bankruptcy Judge.

The only issue presently before this Court is whether the affirmative defenses interposed by the two groups of guarantors, defendants in this proceeding by the Trustee of IMFC Financial Corp., (IMFC) to collect the largest account receivable of the estate, bar prosecution of the suit. After reviewing the testimony offered at the hearing on March 25, 1981, the papers submitted by counsel, and the relevant cases and statutes under both...

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