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IN RE ARROW AIR, INC.

No. 90-5718.

940 F.2d 1463 (1991)

In re ARROW AIR, INC., Debtor. The OFFICIAL UNSECURED CREDITORS' COMMITTEE, Plaintiff-Appellant, v. AIRPORT AVIATION SERVICES, INC., a Puerto Rico Corp., Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

September 4, 1991.

Attorney(s) appearing for the Case

Myrna D. Bricker, Miami, Fla., for plaintiff-appellant.

Jose R. Otero, Hate Rey, Puerto Rico, for defendant-appellee.

Before EDMONDSON, Circuit Judge, RONEY, Senior Circuit Judge, and PITTMAN, Senior District Judge.

EDMONDSON, Circuit Judge:

Arrow Air (Arrow), a chapter 11 debtor, made nine payments to appellee Airport Aviation Services (AAS) in the last ninety days before Arrow filed for bankruptcy protection. Appellant, the debtor's unsecured creditors' committee, sought to recover these payments as preferential transfers. Concluding that the payments were contemporaneous exchanges for specific new value, and thus fit within an exception to the rule allowing recovery of preferential...

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