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IN RE I.R.C.C., INC.

Bankruptcy Nos. 88 B 20320-88 B 20326, 88 B 20334 and 88 B 20335.

105 B.R. 237 (1989)

In re I.R.C.C., INC., et al., Debtors.

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

September 19, 1989.

Attorney(s) appearing for the Case

Eric Kurtzman, Nanuet, N.Y., trustee.

Joseph J. Haspel, Nanuet, N.Y., for trustee.

Schatz & Schatz, Ribicoff & Kotkin, Stamford, Conn., for Willard Gay.

Alan Garson Vogel, Bridgeport, Conn., for Citytrust.

Zalkin, Rodin & Goodman, New York City, for Council Commerce Corp.

HOWARD SCHWARTZBERG, Bankruptcy Judge.

The trustee in bankruptcy of I.R.C.C., Inc. and eight subsidiary corporations has moved for substantive consolidation with respect to three specific subsidiaries. In the event that substantive consolidation is granted, the trustee then seeks approval of a stipulation he entered into with a commercial finance company, Council Commerce Corporation ("CCC") which advanced funds prepetition pursuant to a financing agreement with one...

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