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IN RE GOLD COAST SEED CO.

BAP No. NC-82-1447 EVAs, Bankruptcy No. 4-80-02038-HN, Adv. No. 4-80-0485-AW.

30 B.R. 551 (1983)

In re GOLD COAST SEED COMPANY, an Oregon corporation, Debtor. GOLD COAST SEED COMPANY, an Oregon corporation, and M. Nolden, Trustee, Appellees, v. SPOKANE SEED COMPANY, Appellant.

United States Bankruptcy Appellate Panels of the Ninth Circuit.

Decided June 21, 1983.

Attorney(s) appearing for the Case

William F. Nielsen, Paine, Hamblen, Coffin & Brooke, Spokane, Wash., for appellant.

Michael J. McQuaid, Phelan, Stuppi & Sorenson, San Francisco, Cal., for appellees.

Before ELLIOTT, VOLINN and ASHLAND, Bankruptcy Judges.

ELLIOTT, Bankruptcy Judge:

Spokane Seed Company (the "Appellant") appeals from an order granting summary judgment to the Trustee requiring it to disgorge a preference in the sum of $62,920 and refusing to recognize a credit of $54,340 for new value. We sustain the determination that an avoidable preference occurred but disapprove the failure to give credit for the new value.

The facts are not disputed. The Debtor filed its chapter 11 petition on June 30, 1980...

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