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LEVIT v. INGERSOLL RAND FINANCIAL CORP.

Nos. 88-3091, 88-3092 and 88-3093.

874 F.2d 1186 (1989)

Louis W. LEVIT, Trustee of V.N. Deprizio Construction Co., Plaintiff-Appellee, v. INGERSOLL RAND FINANCIAL CORPORATION, et al., Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided May 12, 1989.

Attorney(s) appearing for the Case

David M. Schiffman, Sidley & Austin, Chicago, Ill., Gary D. Gray, Dept. of Justice, Tax Div., Appellate Section, Washington, D.C., for defendants-appellants.

Louis W. Levit, Levit & Mason, Chicago, Ill., for plaintiff-appellee.

Before BAUER, Chief Judge, and FLAUM and EASTERBROOK, Circuit Judges.

EASTERBROOK, Circuit Judge.

We must decide a question no other appellate court has addressed: whether payments to creditors who dealt at arms' length with a debtor are subject to the year-long preference-recovery period that 11 U.S.C. § 547(b)(4)(B) provides for "inside" creditors, when the payments are "for the benefit of" insiders, § 547(b)(1). The bankruptcy court in this case answered "no", 58 B.R. 478 (Bankr.N.D.Ill.1986...

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