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IN RE PNP HOLDINGS CORP.

Bankruptcy No. 91-06976. Adv. Nos. A92-07264, A93-07292.

167 B.R. 619 (1994)

In re PNP HOLDINGS CORPORATION and Pay 'N Pak Stores, Inc., Debtors. PAY 'N PAK STORES, INC., Plaintiff, v. SLIDE-CO., a corporation, Defendant. PAY 'N PAK STORES, INC., Plaintiff, v. PRESTO PRODUCTS COMPANY, Defendant.

United States Bankruptcy Court, W.D. Washington, at Seattle.

May 13, 1994.

Attorney(s) appearing for the Case

William K. Rasmussen, Davis Wright Tremaine, Seattle, WA, for Pay 'N Pak Stores, Inc., debtor in possession, in Adv. No. A92-07264.

James E. Dickmeyer, Sinsheimer & Meltzer, Inc., P.S., Seattle, WA, for Slide-Co.

Grant E. Courtney, Lane Powell Spears Lubersky, Seattle, WA, for Creditors' Committee, in Adv. No. A93-07292.

Linda Johannsen, Ater Wynne Hewitt Dodson & Skerritt, Seattle, WA, for Presto Products Co.

OPINION

THOMAS T. GLOVER, Bankruptcy Judge.

I. Introduction.

These two cases come before the court on motions for summary judgment. At issue is the interpretation and application of 11 U.S.C. § 547(c)(4), which defines the circumstances in which a creditor may assert the "new value" defense in a preference action. The first case, Pay 'N Pak Stores, Inc. v. Slide-Co., addresses the issue, as framed by the defendant and the numerous cases...

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