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IN RE SANTORO EXCAVATING, INC.

Bankruptcy No. 82 B 20039, Adv. Nos. 83 ADV. 6106, 83 ADV. 6127.

32 B.R. 947 (1983)

In re SANTORO EXCAVATING, INC., Debtor. In re Philip SANTORO, Ruth Santoro, Frank G. Santoro and Frank D. Santoro, Third Party Defendants.

United States Bankruptcy Court, S.D. New York.

September 16, 1983.

Attorney(s) appearing for the Case

Teitelbaum & Gamberg, P.C., New York City, for trustee.

Spencer V. Hinckley, New Rochelle, N.Y., for Philip Santoro, et al. third party defendants.

McGovern, Connelly & Davidson, New Rochelle, N.Y., for Barclays Bank of New York and third party defendants.

DECISION ON COMPLAINT BY TRUSTEE TO VOID ALLEGED PREFERENTIAL TRANSFER

HOWARD SCHWARTZBERG, Bankruptcy Judge.

This preference suit by the trustee in bankruptcy is premised on a release of collateral worth $20,000 by the defendant bank to third party defendants, who had pledged $40,000 in collateral with the bank to secure the debtor's $35,000 obligation to the bank. Contemporaneously with the release of the collateral, the bank deducted $20,000 from the...

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