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IN RE SNTL CORP.

BAP No. CC-06-1350-MoDK Bankruptcy Nos. SV 00-14099-GM to 00-14102-GM, SV 02-14236-GM, SV 02-14239-GM.

380 B.R. 204 (2007)

In re SNTL CORP.; SN Insurance Services, Inc.; SNTL Holdings Corp.; SN Insurance Administrators, Inc.; Infonet Management Systems, Inc.; Pacific Insurance Brokerage, Inc., Debtors. Centre Insurance Company, Appellant, v. SNTL Corp.; SN Insurance Services, Inc.; SNTL Holdings Corp.; SN Insurance Administrators, Inc.; Infonet Management Systems, Inc.; Pacific Insurance Brokerage, Inc., Appellees.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Filed December 19, 2007.

Attorney(s) appearing for the Case

Peter J. Gurfein, Esq., Akin, Gump, Strauss, Hauer & Feld, Los Angeles, Ca, Philip A. O'Connell, Jr., Esq., Sonnenschein, Nath & Rosenthal, LLP, San Francisco, CA, for Appellant.

Jeremy V. Richards, Esq., Pachulski, Stang & Ziehl, Young, Jones, Weintraub, LLP, Los Angeles, CA, for Appellees.

Before: MONTALI, DUNN and KLEIN, Bankruptcy Judges.

OPINION

MONTALI, Bankruptcy Judge.

In this complicated and high-stakes case, we apply, a somewhat obscure doctrine that involves the intersection of insolvency law principles and guaranty law, illustrating the temporal nature of a release of a guarantor when a voidable preference is recovered from the obligee. We also will be one of the first courts to address a question left unanswered by the Supreme Court earlier this year: May an unsecured creditor include...

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