In the Matter of Douglas R. Prince and Jane Prince, Debtors-Appellants

U.S. Court of Appeals, Seventh Circuit · Decided 1996-07-09

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KANNE, Circuit Judge. When Dr. Douglas R. Prince and his wife, Jane Prince, filed for bankruptcy reorganization in 1981, Dr. Prince operated his orthodontics practice as a wholly owned professional corporation. As part of the plan of reorganization, Dr. Prince was to retain his practice, but the Princes agreed to pay the equity value of his stock in the professional corporation…

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