In re Zipco Inc.

2 Citing cases

  1. S.E. C. v. Albert Maguire Sec. Co., Inc.

    560 F.2d 569 (3d Cir. 1977)   Cited 25 times
    Holding that "the trustee and SIPC stand not in the shoes of the debtor . . . but rather, in those of the customer."

    However, further analysis is required to ascertain the status of the claim after assignment and its value. The Bank contends that the Graduses' customer claim is freely assignable and retains its priority status thereafter. It relies on such bankruptcy cases as Shropshire, Woodliff Co. v. Bush, 204 U.S. 186, 27 S.Ct. 178, 51 L.Ed. 436 (1907); In re Dorr Pump Mfg. Co., 125 F.2d 610 (7th Cir. 1942); and In re Zipco, Inc., 157 F. Supp. 675 (S.D.Cal. 1957), aff'd sub nom. Bass v. Shutan, 259 F.2d 561 (9th Cir. 1958). Shropshire held that a claim for wages against a bankrupt was assignable and retained its statutory priority.

  2. In re D.H. Overmyer Telecasting Co.

    77 B.R. 128 (Bankr. N.D. Ohio 1987)   Cited 2 times

    Id. at 866-67. A similar ruling was made in In re Zipco, Inc., 157 F. Supp. 675 (S.D.Cal. 1957), aff'd, 259 F.2d 561 (9th Cir. 1958). Payment of legal fees by a third party, the president of the bankrupt corporation, was found not subject to review by the court.