Where a trustee filed an adversary proceeding seeking avoidance and recovery of certain payments to Wells Fargo as preferences, the court properly interpreted the consignment arrangement and applied it correctly to determine new value, and the court did not err in applying the contemporaneous exchange for new value preference except to payments that the debtor made to Wells Fargo from avoidance as preferences.
Judgment is affirmed.
Lauter v. Wells Fargo Bank (MLW No. 74720/Case No. 19-6013 – 11 pages) (U.S. Bankruptcy Appellate Panel, 8th Circuit, Schermer, J.) Appealed from U.S. Bankruptcy Court, Western District of Missouri, Dow, J. (Devon J. Eggert, Milwaukee, Wisconsin, argued for appellant) (Stephen B. Sutton, Kansas City, Missouri, argued for appellee; .David Thornton Manry Powell appeared on the brief).