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IN RE NAT. ENERGY & GAS TRANSMISSION, INC.

No. 06-1459.

492 F.3d 297 (2007)

In re NATIONAL ENERGY & GAS TRANSMISSION, INCORPORATED, formerly known as PG & E National Energy Group, Inc., Debtor. National Energy & Gas Transmission, Inc. (f/k/a PG & E National Energy Group, Inc.); NEGT Energy Trading Power, L.P. (f/k/a PG & E Energy Trading Power, L.P.), Plaintiffs-Appellants, and Gas Transmission Northwest Corporation, Plaintiff, v. Liberty Electric Power, LLC, Defendant-Appellee, John L. Daugherty, Trustee, Trustee-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided: July 10, 2007.

Attorney(s) appearing for the Case

ARGUED: Steven Wilamowsky, Bingham & McCutchen, L.L.P., New York, New York, for Appellants. Lawrence M. Handlesman, Stroock, Stroock & Lavan, New York, New York, for Appellee. ON BRIEF: Jessica S. Etra, Matthew V. Wargin, Willkie, Farr & Gallagher, L.L.P., New York, New York; Kenneth Oestreicher, Susan J. Roberts, Whiteford, Taylor & Preston, L.L.P., Baltimore, Maryland, for Appellants. Lisa Bittle Tancredi, Venable, L.L.P., Baltimore, Maryland; Melvin A. Brosterman, Harold A. Olsen, Stroock, Stroock & Lavan, New York, New York, for Appellee.

Before SHEDD and DUNCAN, Circuit Judges, and SAMUEL G. WILSON, United States District Judge for the Western District of Virginia, sitting by designation.

Reversed by published opinion. Judge SHEDD wrote the opinion. Judge WILSON wrote an opinion concurring in the judgment. Judge DUNCAN wrote a dissenting opinion.

OPINION

SHEDD, Circuit Judge.

In this bankruptcy appeal, we must decide whether a creditor may allocate a payment made by a non-debtor guarantor first to interest then to principal, thus preserving the unpaid principal for collection in bankruptcy...

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