Legal Opinion

In the Matter of Compton Corp., Debtor. Walter Kellogg, Trustee v. Blue Quail Energy, Inc., and Mbank Abilene, N.A.

Court of Appeals for the Fifth Circuit

Decided January 12, 1988No. 87-1135PublishedCited by 112 opinions

1Opinion of the Court

JERRE S. WILLIAMS, Circuit Judge:

This is a bankruptcy preference case in which a bankruptcy trustee seeks to recover a transfer made via a letter of credit for the benefit of one of the debtor’s unsecured creditors on the eve of bankruptcy. The bankruptcy court and the district court found there to be no voidable preference. We reverse.

I. Factual Background

In March 1982, Blue Quail Energy, Inc., delivered a shipment of oil to debtor Compton Corporation. Payment of $585,443.85 for this shipment of oil was due on or about April 20, 1982. Compton failed to make timely payment. Compton induced…

2Cases cited16 opinions

National Bank of Newport v. National Herkimer County Bank of Little FallsSupreme Court of the United States · 1912
Philip I. Palmer, Jr., Etc. v. Radio Corporation of AmericaCourt of Appeals for the Fifth Circuit · 1971
Donald Katz, Trustee in Bankruptcy of Oakland Foundry Company of Belleville, Illinois, Inc. v. The First National Bank of Glen HeadCourt of Appeals for the First Circuit · 1978
In Re MJ Sales & Distributing Co., Inc.United States Bankruptcy Court, S.D. New York · 1982
Goldberger v. Davis Jay Corregated Box Corp. (In Re Mercon Industries, Inc.)United States Bankruptcy Court, E.D. Pennsylvania · 1984

11 more not listed; retrieve them via the Exa API.

3Cited by112 opinions

Celotex Corp. v. EdwardsSupreme Court of the United States · 1995
Louis W. Levit, Trustee of V.N. Deprizio Construction Co. v. Ingersoll Rand Financial CorporationCourt of Appeals for the Seventh Circuit · 1989
Freeland v. Enodis Corp.Court of Appeals for the Seventh Circuit · 2008
In Re: Kaiser Group International Inc., Debtor International Finance Corporation v. Kaiser Group International Inc., Frank J. Perch, Iii, TrusteeCourt of Appeals for the Third Circuit · 2005
In Re Air Conditioning, Inc. Of Stuart, Debtor. American Bank of Martin County, Douglass E. Wendel, Trustee v. Leasing Service CorporationCourt of Appeals for the Eleventh Circuit · 1988

107 more not listed; retrieve them via the Exa API.