- 11 U.S.C.
In re Indian Capitol Distrib. v. Brewer Oil Co.
Nov
30
2012
Ruling
Preference period payments avoided only to the extent they were not contemporaneous exchanges for new value.
Procedural posture
Plaintiff trustee filed an adversary proceeding against defendant oil company, seeking a determination that he was entitled under 11 U.S.C.S. § 547(b) to recover $217,975 in payments a corporation ("debtor") made to the oil company during the 90-day period that preceded its bankruptcy filing. The trustee's claim and affirmative defenses the oil company asserted under 11 U.S.C.S. § 547(c) were tried to the court.
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Court
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