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IN RE CYBERMECH, INC.

No. 93-1251.

13 F.3d 818 (1994)

In re CYBERMECH, INCORPORATED, a/k/a, t/a MTI Holding Company, a/k/a, t/a Precision Controls Corporation, Debtor. Wayne SIGMON, Trustee in Bankruptcy for Cybermech, Incorporated; Precision Controls Corporation and MTI Holding Company, Plaintiff-Appellee, v. ROYAL CAKE COMPANY, INCORPORATED, Defendant-Appellant.

United States Court of Appeals, Fourth Circuit.

Decided January 12, 1994.

Attorney(s) appearing for the Case

Andrew James Gerber and John R. Surratt, Winston-Salem, NC, argued for defendant-appellant.

Wayne Sigmon, Layton, Drum, Kersh, Solomon, Sigmon & Furr, P.A., Gastonia, NC, argued, for plaintiff-appellee.

Before WILKINSON and LUTTIG, Circuit Judges, and MICHAEL, United States District Judge for the Western District of Virginia, sitting by designation.

OPINION

WILKINSON, Circuit Judge:

The question in this case is whether a debtor-seller corporation's return of a buyer corporation's down payment on a contract for the purchase of machines constituted a preferential transfer under 11 U.S.C. § 547(b). We hold that the debtor had a property interest in the down payment, and that the return of that payment was made on account of an antecedent debt for the benefit of a creditor. We thus affirm the district...

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