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IN RE TELIGENT, INC.

Bankruptcy No. 01-12974 (SMB). Adversary Pro. No. 03-03695.

315 B.R. 308 (2004)

In re TELIGENT, INC., Debtors. Savage & Associates, P.C. as the Unsecured Claim Estate Representative, Plaintiff, v. Level(3) Communications, Defendant.

United States Bankruptcy Court, S.D. New York.

October 12, 2004.

Attorney(s) appearing for the Case

Savage & Associates, P.C., Denise L. Savage, Michael K. Gertzer, of Counsel, White Plains, NY, for Plaintiff.

Winston & Strawn LLP, David Neier, Piero A. Tozzi, Sarah L. Trum, of Counsel, New York, NY, for Defendant.

POST-HEARING FINDINGS OF FACT AND CONCLUSIONS OF LAW REGARDING "NEW VALUE" DFENSE

STUART M. BERNSTEIN, Chief Judge.

Section 547(c)(4) permits a defendant in a preference action to offset his liability to the extent he gave "new value" to the debtor after the preferential transfer. The principal issue in this case is whether the defendant, Level (3) Communications ("Level-3"), proved its "new value" defense at trial simply by offering into evidence the invoices...

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