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Commercial Law Keyed to Lopucki
Trimec, Inc. v. Zale Corporation
Facts
Aeroplex O’Hare was a joint venture between Trimec, Inc. and Aeroplex, at the time a subsidiary of Zale. Aeroplex O’Hare contracted with the City to operate three concessions at O’Hare International Airport. Aeroplex O’Hare would pay the City $14 million over the course of the five-year term. Zale guaranteed Aeroplex O’Hare’s obligation and O’Hare posted a $1 million performance bond guaranteed by the Federal Insurance Company, (FIC). After 2 years, Aeroplex O’Hare abandoned its operations. Trimec brought suit against Zale and Aeroplex for its lost capitalization funds and profits. Aeroplex and Zale filed a third-party complaint against the City. The City counterclaimed against Aeroplex, Trimec, Aeroplex O’Hare, Zale as a guarantor, and FIC as a surety. Trimec settled its lawsuit with Aeroplex and Zale. Zale filed for bankruptcy and all further proceedings against it, including this one were stayed. The City moved to have the stay lifted. Zale objected and moved to have the st ay extended to the other parties in this case. Zale, Aeroplex, and Trimec move to stay this proceeding pending resolution of the claim submitted by the City in Zale’s bankruptcy case. They argue that proceeding would be unethical, as it would bind Zale as a guarantor under the contract. The City argues that a stay against solvent parties is inconsistent with the statutory scheme established in the federal bankruptcy code, which limits the protection of the automatic stay to the bankrupt parties.
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