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RBT commenced this adversary proceeding against the Trustee on May 22, 1986, seeking a judgment determining that RBT has a valid lien on the trademarks and tradenames ('trademarks') owned by Lady Madonna ('the Debtor') pursuant to the 19 security agreements and ordering Trustee to turn over the proceeds, plus interest earned thereon, to RBT.īoth prior to and subsequent to the commencement of this adversary proceeding, the parties, through their attorneys, discussed settlement over a period of five months.

The collection of $4,000 in accounts receivable subsequently reduced this debt. On the date of the Chapter 11 filing by Debtors, Lady Madonna owed RBT $3,472,302 as a result of advances on a line of credit, term loans and account over-drafts.

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This motion was subsequently denied without prejudice to the filing of a complaint initiating an adversary proceeding to seek the relief concerning the trademarks.Īfter the cases were converted from Chapter 11 to Chapter 7, the Bankruptcy Court held a hearing on Novemand approved the Trustee's sale of the trademarks for $325,000, free and clear of liens. On August 14, 1984, the Bankruptcy Court granted the requested relief with respect to the accounts receivable, but adjourned the motion with respect to the trademarks. On August 3, 1984, RBT moved by order to show cause for relief, including an order recognizing its security interest in the Debtor's accounts receivable, trademarks and trade-names ('trademarks') and modifying the automatic stay to allow it to foreclose upon the trademarks.

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Lady Madonna filed petitions for reorganization under Chapter 11 of the Bankruptcy Code on January 12, 1984. To secure these loans, RBT and Lady Madonna entered into security agreements pursuant to which RBT was given a security interest in all of Lady Madonna's assets, except inventory. Although the exact facts of the dispute are unclear, the record reflects that RBT loaned money and extended credit to Lady Madonna during 19. For the reasons hereinafter stated, the Court affirms Judge Buschman's decision. ('Lady Madonna' *283 or 'the Debtor') to submit a proposed settlement to the Bankruptcy Court for approval. Pereira, as Chapter 7 Trustee ('Trustee') of the debtor Lady Madonna Industries, Inc. Buschman III, Bankruptcy Judge for the Southern District of New York, denying its motion to compel John S. Gordon, of counsel.Īppellant The Royal Bank and Trust Company ('RBT') appeals from an order entered pursuant to an oral decision on Maby the Honorable Howard C.

Otterbourg, Steindler, Houston & Rosen, P.C., New York City, for defendant-appellee Richard J. *282 Labozzetta & Hass, New York City, for plaintiff-appellant Robert L. PEREIRA, as Chapter 7 Trustee, Defendant-Appellee. The ROYAL BANK AND TRUST COMPANY, Plaintiff-Appellant, 281 (1987) In re LADY MADONNA INDUSTRIES, INC., Lady Madonna Management Corp., and Lady Madonna Manufacturing Co., Debtors.