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Specialty Tires of America v. CIT Group/Equipment Financing
United States District Court for the Western District of Pennsylvania
82 F. Supp. 2d 434 (2000)
The CIT Group/Equipment Financing, Inc. (CIT) (defendant) leased 11 large tire presses to Condere Corporation (Condere). Condere declared bankruptcy and defaulted on the lease. CIT contracted to sell the presses to Specialty Tires of America, Inc. (Specialty) (plaintiff). The three companies discussed the physical relocation of the presses from Condere’s plant to Specialty’s plant. Then, unexpectedly, Condere claimed that it was entitled to retain the presses and refused to release them to Specialty. No one could predict or control how soon the bankruptcy court would decide the merits of Condere’s claim. Specialty sued CIT in federal district court for breach of contract, and CIT sued Condere for wrongfully retaining possession. Both Specialty and CIT moved for summary judgment.
Rule of Law
Holding and Reasoning (Smith, J.)
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