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IN RE GLOBAL TECHNOVATIONS INC.

No. 11-1582.

694 F.3d 705 (2012)

In re GLOBAL TECHNOVATIONS INCORPORATED; Onkyo America Incorporated, Debtors. Onkyo Europe Electronics GMBH; Onkyo Malaysia SDN BHD; Onkyo Corporation, Appellants, v. Global Technovations Incorporated, Appellee.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: September 13, 2012.

Attorney(s) appearing for the Case

ARGUED: Michael R. Limrick , Bingham McHale LLP, Indianapolis, Indiana, for Appellants. Glenn M. Kurtz , White & Case LLP, New York, New York, for Appellee. Jeffrey A. Clair , United States Department of Justice, Washington, D.C., for Amicus Curiae. ON BRIEF: Michael R. Limrick , John F. McCauley , Bingham McHale LLP, Indianapolis, Indiana, for Appellants. Glenn M. Kurtz , White & Case LLP, New York, New York, Charles C. Kline , Jason R. Domark , White & Case LLP, Miami, Florida, for Appellee. Sarang V. Damle , United States Department of Justice, Washington, D.C., for Amicus Curiae.

Before: BOGGS, NORRIS, and KETHLEDGE, Circuit Judges.

OPINION

BOGGS, Circuit Judge.

Global Technovations Incorporated ("GTI") went bankrupt after it purchased Onkyo America Incorporated ("OAI"), a subsidiary of Onkyo Corporation ("Onkyo"). GTI had purchased OAI for $13 million in cash and $12 million in three-year promissory notes. Onkyo attempted to recover the remainder of the purchase price from GTI's bankruptcy estate by filing a proof of claim for $12 million. GTI responded by suing Onkyo under the theory...

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