In the Matter of Texas Research, Inc., Debtor. Official Committee of Creditors v. Union Bank

SNEED, Circuit Judge:

The Official Committee of Creditors of the debtor, Texas Research, Inc., appeals the decision of a district court in a bankruptcy case. The Committee seeks to avoid a post-petition security interest that the debtor gave to one of its creditors, Union Bank. The bankruptcy court denied relief on grounds that Union Bank had surrendered an equivalent value in exchange for the security interest. The district court upheld the denial and we affirm.

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FACTS AND PROCEEDINGS BELOW

Texas Research licensed Healthdyne, Inc., to use its technology in exchange for a $300,000 promissory…