Opinion ID: 219231
Heading Depth: 2
Heading Rank: 2

Heading: bobcat loader payments

Text: After taking control of the facilities, Greif mistakenly made payments totaling $10,452.06 to Ingersoll-Rand, for five Bobcat loaders that Evans had purchased but not yet fully paid off. Greif had no legal duty to make the payments. Indeed, the confirmed reorganization plan called for Ingersoll-Rand to be paid from the sale proceeds, although it apparently was not paid and came to Greif for satisfaction. The bankruptcy court concluded that since the debt was not retained by Evans under the APA, Greif cannot claim a material breach by Evans, and therefore cannot exercise its right against the holdback. Having reviewed the 5 Case: 10-30387 Document: 00511514885 Page: 6 Date Filed: 06/21/2011 No. 10-30387 record, the parties’ briefs and oral presentations, we reach the same conclusion for essentially the same reasons.