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In Re Augie/Restivo Baking Company, Ltd

860 F.2d 515 (1988)

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In Re Augie/Restivo Baking Company, Ltd

United States Court of Appeals for the Second Circuit
860 F.2d 515 (1988)

  • Written by Philip Glass, JD

Facts

From June 1983, Union Savings Bank (Union) (creditor) lent money to Augie’s Baking Company, Ltd. (Augie) (debtor). Restivo Banking Company, Ltd. (Restivo) and Augie acquired each other’s stock on November 27, 1984. Augie did not convey any equipment or real property to Restivo, but the latter changed its name to Augie/Restivo Baking Company, Ltd. (Augie/Restivo) (debtor). Augie wound up its affairs, and Augie/Restivo took on exclusive operations. Although their business affairs were intermingled, Augie did not dissolve, and Augie/Restivo did not assume Augie’s liabilities. Manufacturers Hanover Trust Company (MHTC) (creditor) loaned to Augie/Restivo in early 1985, obtaining a mortgage on Augie's real property, and understood that the two were separate entities. Augie and Augie/Restivo filed for Chapter 11 bankruptcy in April 1986. MHTC received super-priority over Union. Augie and Augie/Restivo moved for substantive consolidation, which Union opposed but the bankruptcy court granted and the district court affirmed. Union appealed.

Rule of Law

Issue

Holding and Reasoning (Winter, J.)

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