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MATTER OF COMPTON CORP.

No. 87-1135.

831 F.2d 586 (1987)

In the Matter of COMPTON CORP., Debtor. Walter KELLOGG, Trustee, Plaintiff-Appellant, v. BLUE QUAIL ENERGY, INC., Defendant-Appellee, and MBank Abilene, N.A., Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Granted January 12, 1988.

Attorney(s) appearing for the Case

Dean Ferguson, David R. Snodgrass, Dallas, Tex., for plaintiff-appellant.

William M. Schur, Theodore Mack, Fort Worth, Tex., for Blue Quail Energy, Inc.

J. Maxwell Tucker, Dallas, Tex., for MBank Abilene, N.A.

Before BROWN, JOHNSON and WILLIAMS, Circuit Judges.

JERRE S. WILLIAMS, Circuit Judge:

This is a bankruptcy preference case in which a bankruptcy trustee seeks to recover a transfer made via a letter of credit for the benefit of one of the debtor's unsecured creditors on the eve of bankruptcy. The bankruptcy court and the district court found there to be no voidable preference. We reverse.

I. Factual Background

In March 1982, Blue Quail Energy, Inc., delivered a shipment of oil to debtor Compton...

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