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IN RE McLEAN INDUSTRIES, INC.

Bankruptcy Nos. 86 B 12238-86 B 12241.

90 B.R. 614 (1988)

In re McLEAN INDUSTRIES, INC., et al., Debtors.

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

August 12, 1988.

Attorney(s) appearing for the Case

Milbank, Tweed, Hadley & McCloy, New York City, by J. Thomas Beckett, for debtors-in-possession.

Goetz, Fitzpatrick & Flynn, New York City by Andre H. Friedman, John S. Pereira, New York City, for Nat. State Bank of New Jersey.

DECISION

HOWARD C. BUSCHMAN, III, Bankruptcy Judge.

The National State Bank of New Jersey ("NSB" or the "Bank") seeks an order modifying the automatic stay, pursuant to 11 U.S.C. § 362(d), to permit it to offset $400,000, deposited in NSB account No. 200-392-611 (the "Account") by United States Lines, Inc. ("U.S. Lines"), on the ground that it paid said sum in honoring a letter of credit it issued on behalf of U.S. Lines. To this, United States Lines...

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