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BEVILL, BRESLER & SCHULMAN ASSET MANAGEMENT CORP. v. SPENCER SAV. & LOAN ASS'N

Nos. 88-6020 to 88-6023.

878 F.2d 742 (1989)

In the Matter of: BEVILL, BRESLER & SCHULMAN ASSET MANAGEMENT CORPORATION, A New Jersey Corporation, Debtor-in-Possession, v. SPENCER SAVINGS & LOAN ASSOCIATION, Appellant in 88-6020. In the Matter of: BEVILL, BRESLER & SCHULMAN ASSET MANAGEMENT CORPORATION, A New Jersey Corporation, Debtor-in-Possession, v. NIAGARA COUNTY SAVINGS BANK, Appellant in 88-6021. In the Matter of: BEVILL, BRESLER & SCHULMAN ASSET MANAGEMENT CORPORATION, A New Jersey Corporation, Debtor-in-Possession v. CITY OF HARRISBURG, Appellant in 88-6022. In the Matter of: BEVILL, BRESLER & SCHULMAN ASSET MANAGEMENT CORPORATION, A New Jersey Corporation, Debtor-in-Possession, v. CITY OF ALLENTOWN, Appellant in 88-6023.

United States Court of Appeals, Third Circuit.

Decided June 30, 1989.

Attorney(s) appearing for the Case

Helen Davis Chaitman (argued), Ross & Hardies, Somerset, N.J., for appellant, Spencer Sav. & Loan Ass'n.

John J. Barry (argued), Clapp & Eisenberg, Newark, N.J., for appellant, Niagara County Sav. Bank.

Charles J. Ferry (argued), Rhoads & Sinon, Harrisburg, Pa., Alan M. Black (argued), Black, McCarthy, Usher, Eidelman & Feinberg, Allentown, Pa., for appellant, City of Allentown.

Jack M. Zackin (argued), Ravin, Greenberg & Zackin, P.A., Roseland, N.J., for appellee.

Frances R. Bermanzohn, Public Securities Ass'n, George J. Grumbach, Jr. Cleary, Gottlieb, Steen & Hamilton, New York City, for amicus curiae Public Securities Ass'n.

Before GIBBONS, Chief Judge, MANSMANN and ALDISERT, Circuit Judges

OPINION OF THE COURT

ALDISERT, Circuit Judge.

The ultimate question for decision in these appeals by purchasers of federal government securities repurchase agreements ("repos"), is whether the Chapter 11 bankruptcy trustee of a bankrupt securities dealer may avoid certain pre-petition deliveries of securities to the purchasers.

The trustee contends the deliveries are avoidable as preferential transfers. The purchasers argue that the deliveries are...

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