Upstairs Gallery, Inc. v. MacKlowe West Development Co. (In Re Upstairs Gallery, Inc.)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
JONES, Bankruptcy Judge:
An art gallery entered into a five year lease agreement with a shopping center. Within ninety days of the art gallery’s bankruptcy petition, the gallery and the shopping center entered into a termination of lease agreement with the gallery transferring about $38,000 to the shopping center. Post-petition, the art gallery, as debtor in possession, sought to avoid the $38,000 transfer as a preference pursuant to § 547(b)(2). The bankruptcy court found that the transfer was not an avoidable preference. We disagree and therefore reverse and remand.
BACKGROUND
On April…
2Cases cited14 opinions
- Pullman-Standard v. SwintSupreme Court of the United States · 1982
- Lewis v. DiethornSupreme Court of the United States · 1990
- Coco v. Eli Haddad Corp. (In Re Coco)United States Bankruptcy Court, S.D. New York · 1986
- James A. Lewis, Esquire, Trustee for Joseph M. Eaton Builders, Inc. v. Thomas J. And Linda M. DiethornCourt of Appeals for the Third Circuit · 1990
- New York Credit Adjustment Bureau, Inc. v. Just In-Materials Designs, Ltd. (In Re Vasu Fabrics, Inc.)United States Bankruptcy Court, S.D. New York · 1984
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