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IN RE CONDOR SYSTEMS, INC.

BAP No. NC-02-1380-KMaRy, Bankruptcy Nos. 01-55472-JRG, 01-55473-JRG.

296 B.R. 5 (2003)

In re CONDOR SYSTEMS, INC.; CEI Systems, Inc., Debtors. Robert E. Young, II; John L. Taft, Appellants, v. Condor Systems, Inc.; Official Committee of Unsecured Creditors, Appellees.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Filed July 18, 2003.

Attorney(s) appearing for the Case

Patrick M. Costello, Bialson, Bergen & Schwab, Palo Alto, CA, for John L. Taft and Robert E. Young, II.

Sara L. Chenetz, Robinson, Diamant and Wolkowitz, Los Angeles, CA, for Official Committee of Unsecured Creditors.

David Richardson, Murphy, Sheneman, Julian and Rogers, Los Angeles, CA, for Condor Systems, Inc.

Before KLEIN, MARLAR, and RYAN, Bankruptcy Judges.

OPINION

KLEIN, Bankruptcy Judge.

This is an appeal from an order rejecting former employees' termination damages claims. The bankruptcy court reasoned that draws on irrevocable letters of credit and prepetition severance payments reduced the 11 U.S.C. § 502(b)(7) cap on allowable claims of terminated employees. We hold that the § 502(b)(7) cap is calculated mechanically as of the date of the filing of the petition and that prepetition severance...

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