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IN RE ROBINSON BROS. DRILLING, INC.

No. 93-6016.

6 F.3d 701 (1993)

In re ROBINSON BROTHERS DRILLING, INC. and Brothers Drilling Company, Debtors. Harold G. LOWREY, Trustee, Appellee, v. MANUFACTURERS HANOVER LEASING CORP., Appellant, and Global Fluids, Inc.; ABB Vecto-Gray, Inc., formerly known as Gray Tool Company; First National Bank of Bethany, Oklahoma; Halliburton Company; J.D. Hodges; ITT Commercial Finance Corporation; Lor, Inc.; Ponder Fishing Tools, Inc., Creditors.

United States Court of Appeals, Tenth Circuit.

September 28, 1993.

Attorney(s) appearing for the Case

James Vogt, of Reynolds, Ridings, Vogt & Morgan, Oklahoma City, OK and Richard Gerard, Manufacturers Hanover Leasing Corp., New York City, for appellant.

Gary L. Morrissey, Oklahoma City, OK, for appellee.

Before LOGAN and BRORBY, Circuit Judges, and KANE, District Judge.

BRORBY, Circuit Judge.

We are called upon in this appeal1 to consider the unusual suggestion that, for purposes of the preferential transfer section of the Bankruptcy Code, a comparatively minor reduction in a preferred creditor's extensive financial liabilities conferred no cognizable economic benefit on the creditor because his remaining debts still vastly overwhelmed his assets. Reasons both legal and practical lead us to reject such...

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