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MATTER OF SOUTHMARK CORP.

No. 95-10872.

88 F.3d 311 (1996)

In the Matter of SOUTHMARK CORPORATION, Debtor. SOUTHMARK CORPORATION, Appellant, v. SCHULTE ROTH & ZABEL, Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing and Suggestion for Rehearing Denied August 1, 1996.

Attorney(s) appearing for the Case

Lawrence Chek, Jenkens and Gilchrist, Dallas, TX, for Appellant.

Judith R. Elkin, Robin E Phelan, Haynes & Boone, Dallas, TX, for Appellee.

Before POLITZ, Chief Judge, and WIENER and BARKSDALE, Circuit Judges.

Rehearing and Suggestion for Rehearing En Banc Denied August 1, 1996.

WIENER, Circuit Judge:

In a settlement agreement entered into prior to filing for bankruptcy, Southmark agreed to reimburse a group of dissatisfied, minority-interest shareholders for expenses incurred in connection with their proxy contest and related lawsuits. Southmark now appeals the bankruptcy court's ruling that this transfer was not "for or on account of an antecedent debt owed by...

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