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IN RE SPADA

No. 89-5711.

903 F.2d 971 (1990)

In re Richard SPADA a/k/a/ Spada Realty, Debtor. CREDITORS' COMMITTEE, Plaintiff, v. Joseph V. SPADA, Sr., Donald Griffin, Ken Maula, Paul R. Budick, Stephanie Budick, First Eastern Bank, N.A.; and United Penn Bank, Bankruptcy No. 5-82-00416 Creditors' Committee, Appellant.

United States Court of Appeals, Third Circuit.

Decided May 22, 1990.

Attorney(s) appearing for the Case

William H. Robinson, Jr. (argued), Hiscott and Robinson, Stroudsburg, Pa., for appellant.

Marshall E. Anders and Randall W. Turano (argued), Rosenblum & Anders, P.C., Stroudsburg, Pa., for appellees Donald Griffin and Ken Maula.

Ronald V. Santora (argued), Hourigan, Kluger, Spohrer & Quinn, P.C., Wilkes-Barre, Pa., for appellee United Penn Bank.

Before STAPLETON and MANSMANN, Circuit Judges and ACKERMAN, District Judge.

OPINION OF THE COURT

MANSMANN, Circuit Judge.

This appeal presents a challenge by creditors to two allegedly preferential pre-petition transfers involving real property of the debtor. In one, the bankruptcy court found that new value was contemporaneously exchanged consistent with 11 U.S.C. § 547(c)(1) of the Bankruptcy Code when the debtor consolidated three loans in exchange for a second mortgage on real property. We find that the bankruptcy court...

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