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IN RE TRANS WORLD AIRLINES, INC.

Nos. 97-7037, 97-7082.

134 F.3d 188 (1998)

In re TRANS WORLD AIRLINES, INCORPORATED, Debtor. TRAVELLERS INTERNATIONAL AG, Appellant/Cross-Appellee in Appeal No. 97-7037, v. TRANS WORLD AIRLINES, INCORPORATED; Official Committee of Unsecured Creditors for Trans World Airlines, Trans World Airlines, Incorporated Appellant/Cross-Appellee in Appeal No. 97-7082.

United States Court of Appeals, Third Circuit.

Decided January 20, 1998.

Attorney(s) appearing for the Case

Michael Joseph, Richard A. Kirby (Argued), Joseph O. Click, Dyer, Ellis, Joseph & Mills, Washington, DC, Laurie S. Silverstein, Potter, Anderson & Corroon, Wilmington, DE, for Travellers International AG.

William H. Sudell, Jr. (Argued), Derek C. Abbott, Morris, Nichols, Arsht & Tunnell, Wilmington, DE, Michael J. Templeton, Jones, Day, Reavis & Pogue, New York City, for Trans World Airlines, Incorporated.

Before: MANSMANN, NYGAARD and GARTH, Circuit Judges.

OPINION OF THE COURT

GARTH, Circuit Judge:

The sole issue we must resolve in this appeal is whether TWA was insolvent on November 4, 1991 so that the transfer of certain monies to a judgment creditor within 90 days of TWA's petition for bankruptcy constituted a preference. Our analysis of TWA's insolvency depends on how TWA's assets and liabilities should be valued.

We conclude that TWA's assets must be valued at fair market value in the context...

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