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IN RE PAYLESS CASHWAYS, INC.

No. 03-6057WM.

306 B.R. 243 (2004)

In re PAYLESS CASHWAYS, INC., Debtor. Silverman Consulting, Inc., Chapter 11 Trustee for Payless Cashways, Inc., Plaintiff — Appellant. v. Canfor Wood Products Marketing, d/b/a Canadian Forest Products Ltd., d/b/a Canfor U.S.A. Corp., d/b/a Canfor Panel & Fibre Marketing Ltd., Defendant — Appellee.

United States Bankruptcy Appellate Panel of the Eighth Circuit.

Filed March 1, 2004.

Attorney(s) appearing for the Case

Benjamin F. Mann, Kansas City, Missouri, for appellant.

Lindsay L. Wood, Kansas, Missouri, for appellee.

Before SCHERMER, DREHER, and MAHONEY, Bankruptcy Judges.

DREHER, Bankruptcy Judge.

This appeal concerns the contemporaneous exchange for new value defense, 11 U.S.C. § 547(c)(1). The bankruptcy court1 held that Silverman Consulting, Inc., ("the trustee") had established that four transfers were preferences, but that the defendant had established this defense and the transfers were not avoidable. We consider whether what appear on their face to...

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