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<a href="http://www.accessmylibrary.com/coms2/summary_0286-28986041_ITM" title="Facts and information about Getting the biggest bang for your new value preference defense buck.(CREDIT COLUMN)(Seneca Petroleum Co.)(Globe)(Column)">Getting the biggest bang for your new value preference defense buck.(CREDIT COLUMN)(Seneca Petroleum Co.)(Globe)(Column)</a>
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Getting the biggest bang for your new value preference defense buck.(CREDIT COLUMN)(Seneca Petroleum Co.)(Globe)(Column)
Recently, a bankruptcy court decision allowed a trade creditor to utilize the new value defense to escape most of its six-figure preference risk. The United States Bankruptcy Court for the Northern District of Indiana, in In re Globe Building Materials, Inc., reduced a trade creditor's preference exposure from $356,823.73 to just $9,026.57 because of the successful invocation of the new value defense. What is most interesting about the decision is the manner in which the court calculated the new value defense. The court allowed a larger new value offset and, therefore, a much greater reduction in preference exposure than if it had followed Globe's trustee's far less ...
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- Magazine article from: Business Credit Nathan, Bruce S. June 1, 2003 700+ words
...to a preference claim is the new value defense. A trustee or debtor-in...Creditors frequently invoke the new value defense to reduce preference exposure...also entitled to invoke the new value defense for extensions of credit that...
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...financially struggling customer. New Value Defense Section 547(c)(4)(B...the creditor to establish its new value defense. For example, on January 1...period. Without the subsequent new value defense to preference claims, the creditor...
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...contemporaneous exchange for new value defense. Slightly different is the subsequent new value defense which, as the name suggests...to analyze the extent of its new value defense and potential liability to a...
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...North LaSalle Street dealing with the new value exception to the absolute priority rule...trade creditor body as a whole. The new value exception, as previously established...priority rule prior to the creation of the new value exception, secured creditors could preclude...
Source: HighBeam Research, Getting the biggest bang for your new value preference defense...