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MATTER OF POOLE, McGONIGLE & DICK, INC.

No. 85-3790.

796 F.2d 318 (1986)

In the Matter of POOLE, McGONIGLE & DICK, INC., dba Northwest Steel Fabricators, an Oregon corporation, Debtor. LA GRAND STEEL PRODUCTS CO., Creditor-Appellant, v. Herman GOLDBERG and David W. Harper, Appellees.

United States Court of Appeals, Ninth Circuit.

Decided August 8, 1986.

Attorney(s) appearing for the Case

K. John Condon, Portland, Or., for creditor-appellant.

Richard C. Josephson, Charles F. Adams, Stoel, Rives, Boley, Fraser & Wyse, Randall L. Dunn, Copeland, Landye, Bennett & Wolf, Portland, Or., for appellees.

Before FLETCHER, ALARCON, and WIGGINS, Circuit Judges.

FLETCHER, Circuit Judge:

Appellant La Grand Steel Products Co. appeals the district court's decision that reversed the bankruptcy court's order subordinating the claims of appellees Harper and Goldberg to those of unsecured creditors. The claims arose from debts the corporation incurred when it repurchased shares owned by Harper and Goldberg. The district court held that although payment of the debts by an insolvent corporation would be illegal under Oregon law, it...

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