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MELLON BANK, N.A. v. DICK CORP.

No. 03-2604.

351 F.3d 290 (2003)

MELLON BANK, N.A., as agent for 14 prepetition senior lenders of Qualitech Steel Corp., Plaintiff-Appellant, v. DICK CORPORATION and GE Supply Company, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided: December 4, 2003.

Attorney(s) appearing for the Case

Jennifer C. DeMarco (submitted), Chadbourne & Parke, New York, NY, for Appellant.

Martin J. Weis, Dilworth Paxson, Philadelphia, PA, Charleyne Gabriel, Kunz & Opperman, Indianapolis, IN, for Appellees.

Before BAUER, POSNER, and EASTERBROOK, Circuit Judges.

EASTERBROOK, Circuit Judge.

Bankruptcy law entitles debtors' estates to recover preferential transfers, including payments on account of antecedent debts made during the 90 days before the commencement of the proceeding. 11 U.S.C. § 547(b). Preferences are recovered "for the benefit of the estate" (11 U.S.C. § 550(a)) and thus profit all creditors according to their statutory and contractual entitlements. We must decide whether the right to recover a preference...

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