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IN RE COMMERCIAL MONEY CENTER, INC.

BAP No. SC-05-1238-MoTB, Bankruptcy No. 02-9721-H7, Adversary No. 03-90331-H7.

350 B.R. 465 (2006)

In re COMMERCIAL MONEY CENTER, INC. Debtor. NetBank, FSB, Appellant, v. Richard M. Kipperman, Chapter 7 Trustee, Appellee.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Submitted on May 4, 2006.

Filed — August 2, 2006.

Amended — August 25, 2006

Attorney(s) appearing for the Case

John W. Cutchin, Solomon, Grindle, Silverman & Spinella, San Diego, CA, Bradley S. Shraiberg, Furr & Cohen P.A., Boca Raton, FL, for debtor.

Before: MONTALI, TCHAIKOVSKY, and BRANDT, Bankruptcy Judges.

Argued on March 23, 2006 at Pasadena, California.

AMENDED OPINION

MONTALI, Bankruptcy Judge.

The principal issue in this case appears to be one of first impression for us or any court of appeals. We are told that the multi-billion dollar securitization industry depends on being able to fractionalize financial assets, and specifically on stripping payment streams from underlying transactions such as the equipment leases in this case. The issue is...

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