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BRANIFF AIRWAYS, INC. v. EXXON CO., U.S.A.

No. 86-1531.

814 F.2d 1030 (1987)

BRANIFF AIRWAYS, INC. Debtor and Debtor-in-Possession, and the Official Unsecured Creditors' Committee of Braniff Airways, Inc., Plaintiffs-Appellees, v. EXXON COMPANY, U.S.A. Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

April 20, 1987.

Attorney(s) appearing for the Case

David M. Bates, Houston, Tex., for defendant-appellant.

Michael S. Kranitz, A.L. Vickers, Ungerman & Vickers, Dallas, Tex., for plaintiffs-appellees.

Before GARWOOD, JOLLY, and HILL, Circuit Judges.

ROBERT MADDEN HILL, Circuit Judge:

In this bankruptcy appeal, Exxon Company, U.S.A., argues that the district court erred in concluding that Exxon could not setoff pre-petition claims owed to it by debtor Braniff Airways, Inc., against pre-petition debts that it owed to Braniff. We find that Exxon does have a right of setoff pursuant to 11 U.S.C. § 553(a), but that any setoff is potentially subject to being recovered by Braniff pursuant to 11 U.S.C. § 553...

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