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ADMANCO, INC. v. 700 STANTON DRIVE, LLC

No. 2007AP2791.

786 N.W.2d 759 (2010)

2010 WI 76

ADMANCO, INC. by Michael S. Polsky, Receiver, Plaintiff-Respondent, v. 700 STANTON DRIVE, LLC, Defendant-Appellant-Petitioner, M & I Marshall & Ilsley Bank, EBSCO Industries, Inc. and Alliance Laundry Systems, Inc., Garnishees.

Supreme Court of Wisconsin.

Decided July 13, 2010.

Attorney(s) appearing for the Case

For the defendant-appellant-petitioner there were briefs by Valerie L. Bailey-Rihn, Jeffrey O. Davis, Matthew D. Fortney, and Quarles & Brady LLP, Madison, and oral argument by Valerie L. Bailey-Rihn.

For the plaintiff-respondent there was a brief by Kevin L. Keeler, Matthew S. Vignali, and Beck, Chaet, Bamberger & Polsky, S.C., Milwaukee, and oral argument by Kevin L. Keeler.

An amicus curiae brief was filed by Erin O'Connor and the O'Connor Law Offices, Fox Point, on behalf of the NAIOP Wisconsin Chapter, Inc., Building Owners and Managers Association and Commercial Association of Realtors Wisconsin, Inc.

¶ 1 PATIENCE DRAKE ROGGENSACK, J.

This review arises in the context of a Wis. Stat. ch. 128 insolvency proceeding, which proceeding applies to property of the debtor. Wis. Stat. § 128.08 (2007-08).1 The receiver, Michael S. Polsky (Polsky), was appointed to administer property of the debtor, Admanco, Inc. (Admanco). In that capacity, Polsky demanded return of proceeds from two standby letters of credit issued by M & I Marshall...

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