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IN RE SPM MFG. CORP.

Bankruptcy No. 89-40287-JFQ.

163 B.R. 411 (1994)

In re SPM MANUFACTURING CORPORATION, Debtor.

United States Bankruptcy Court, D. Massachusetts.

February 23, 1994.

Attorney(s) appearing for the Case

Eugene Berman, Kamberg, Berman, P.C., Springfield, MA, for Official Unsecured Creditors' Committee.

Robert Cunningham, Robinson Donovan Madden & Barry, P.C., Springfield, MA, for Shaine Foundation.

L. Jed Berliner, Springfield, MA, for Deloitte, Haskins and Sells.

Peter A. Zisser, LeBoeuf, Lamb, Leiby and MacRae, New York City, for John S. Pereira.

David Sinish, pro se.

OPINION

JAMES F. QUEENAN, Jr., Chief Judge.

This case raises the following question: If a corporation in sound financial condition delivers a promissory note for the purchase of its own stock, should the balance due on the note be equitably subordinated to other unsecured debt when the corporation later becomes insolvent and goes into bankruptcy years later? The question has particular significance for close corporations because

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