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Bankruptcy Keyed to Bussel, 12th Ed.
In re Powerine Oil Co.
Citation:
59 F.3d 969 (1995)Facts
Powerine Oil Company obtained a $250.6 million line of credit from a syndicate of banks and insurance companies, secured by most of Powerine’s personal property. Koch Oil Company agreed to sell crude oil to Powerine, with Koch designated as beneficiary of two irrevocable standby letters of credit issued by First National Bank of Chicago (one of the syndicate lenders) totaling approximately $8.7 million. In January and February 1984, Koch billed Powerine $3.2 million for oil delivered in December and January. Powerine paid this amount but filed for Chapter 11 bankruptcy less than 90 days later. The Committee of Creditors Holding Unsecured Claims brought an action to recover the payment as a preference. When Powerine filed for bankruptcy, it had $282 million in secured debt and assets of only $66 million, with the security agreement providing that Powerine’s debts would be secured “equally without preference or priority of any one over the other.”
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