Clarion Community Bank, PA Community Banks, Inc., PA Compass Bank, MA Continental Bank, PA County First Bank, MD Customers Bank, PA Earthstar Bank, PA Farmers & Mechanics Trust Company, PA First Bank, NJ First Essex Bank, MA First Federal Savings & Loan Association of Bucks County, PA First Financial Bank, PA First Niagara, NY First Savings Bank of Perkasie, PA First Tennessee National Corporation, TN Firstrust Bank, PA Haddon Savings Bank, NJ Harbor One Bank, MA Harleysville National Bank, PA ISN Bank, NJ M&T Bank Corporation, NY Main Street Bank, PA Meridian Bancorp, Inc., PA Millennium Bank, PA Nantucket Bank, MA National Penn Bancshares, PA Patriot Bank, PA Peoples Bank, PA People's United Financial, Inc., CT Progress Bank, PA Republic First Bancorp, Inc., PA Royal Bancshares of Pennsylvania, PA Sovereign Bancorp, Inc., PA Stonebridge Bank, PA Sun National Bank, NJ Two River Bancorp, NJ Vantage Point Bank, PA Waypoint Bank, PA Webster Financial Corporation, CT Willow Grove Bank, PA Wilmington Trust Company, DE WSFS Bank, DE Government City of Altoona, PA Battery Park City Authority, NY City of Chesapeake, VA Economic Development Financing Authority, PA City of Harrisburg, PA City of Philadelphia, PA Prince William County, VA City of Reading, PA City of Shamokin, PA United States Park Service, PAHealth Care Blue Cross of Western Pennsylvania, PA Coventry Health Care, Inc., MD Crozer Keystone Health System, PA Inglis House, PA Jeanes Health System, PA Pinnacle Health System, PA Suburban Hospital, MD Thomas Jefferson Health System, PA United Health Partnership, OH University of Pennsylvania Health System, PA Virtua Health System, NJInsurance, Investment, & Finance Aetna, CT American Specialty Companies, Inc., IN AT&T Capital Corporation, NJ BISYS Group, Inc., NY Bloomberg, L.
P., NY Buchwald Capital Advisors, LLC, NY Friedman's Liquidating Trust, NY Goldman Sachs, NY Greektown Distribution Trust, NY Greektown Litigation Trust, NY Griffin Financial Group, PA ICMA Retirement Corporation, D.
Sontchi followed his earlier rulings in In re Sierra Concrete Design, 463 B.
The defendant moved for summary judgment on its defense and the trustee countermoved for summary judgment, arguing that the defense does not apply to paid SNV and that, by moving for summary judgment, the defendant conceded that payments made for SNV were, themselves, preferential transfers.
Roth Staffing (In re Friedman's), 738 F.3d 547, 550-551) (3rd Cir. Nevertheless, courts have continued to rely on New York City Shoes to require that SNV remain unpaid. Further, confusion has arisen as a result of the requirement that, for a creditor to prevail, the debtor must not have made an "otherwise unavoidable" transfer to or for the benefit of such creditor on account of such SNV. Courts have held that any payment for SNV must itself be subject to avoidance as a preference under Section 547 and that application of the SNV defense requires an analysis of whether payments for any SNV are shielded by other preference defenses identified in Section 547. Such a concession could give rise to liability in the event that the Third Circuit subsequently holds that SNV must remain "unpaid." Michael R.
Sontchi of the District of Delaware considered both issues in analyzing an SNV defense. Licensed to practice in Delaware, Pennsylvania and New York, he primarily represents Chapter 11 debtors. Winter, a partner with the firm, is a Delaware business lawyer who focuses his practice on Chapter 11 bankruptcy law and proceedings, commercial and corporate finance and transactions, and Delaware corporate and alternative entity law. 2013), and held that paid SNV may support an SNV defense. Lastowski is a member of Duane Morris and the head of its Wilmington office.