ALAN E. NORRIS, Circuit Judge.
This appeal presents a question of statutory interpretation of first impression for our circuit: whether 11 U.S.C. § 550(a)(1), read together with sections 547(b)(1) and (b)(4)(B), allows a trustee in bankruptcy to recover avoidable payments from non-insiders made during the extended preference period when those payments benefited insider creditors or guarantors. The bankruptcy court held that, while the debtor's payments to City...
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