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IN RE POWERINE OIL CO.

No. 92-56077.

59 F.3d 969 (1995)

In re POWERINE OIL COMPANY, Debtor. COMMITTEE OF CREDITORS HOLDING UNSECURED CLAIMS, Appellant, v. KOCH OIL COMPANY, Appellee.

United States Court of Appeals, Ninth Circuit.

Decided July 12, 1995.

Attorney(s) appearing for the Case

Thomas A. Ryan, David Gould (argued), McDermott, Will & Emery, Los Angeles, CA, for appellant.

Michael R. Hassan, Lord, Bissell & Brook, Chicago, IL, for appellee.

Before: FARRIS, POOLE and KOZINSKI, Circuit Judges.

Opinion by Judge KOZINSKI; Dissent by Judge FARRIS.

KOZINSKI, Circuit Judge.

Can an unsecured creditor be better off when the debtor defaults rather than paying off the debt? Yes: Law can be stranger than fiction in the Preference Zone.

I

Powerine Oil Company (the debtor here) obtained a $250.6 million line of credit from a syndicate consisting of several banks and insurance companies; the loan was secured by most of Powerine's personal property...

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