Lampl v. General Electric Credit Corp. (In Re B & L Coal Co.)

MEMORANDUM AND ORDER ON COMPLAINT TO AVOID ALLEGED PREFERENTIAL TRANSFER

WILLIAM B. WASHABAUGH, Jr., Bankruptcy Judge.

The corporate debtor, B & L Coal Company, was engaged in the business of strip mining coal prior to June 21, 1978 when it purchased four items of heavy equipment from the Beckwith Machinery Company under a security agreement providing for payment of the $905,452.80 purchase money in monthly installments. The security agreement was assigned the same day to the defendant, the General Electric Credit Corporation, and financing statements were filed in the offices of the…