Opinion
Bankruptcy No. 95-45160-399. Adv. No. 96-4201.
January 30, 1997.
David A. Warfield, St. Louis, MO, for the Committee.
Mark Bertsch, St. Louis, MO.
Thomas S. Hemmendinger, Providence, RI, for Defendant.
Ira Potter, St. Louis, MO.
MEMORANDUM OPINION AND ORDER
INTRODUCTION
This preference action presents the application of the contemporaneous exchange and ordinary course of business defenses. For the following reasons, the Court finds recoverable preferential transfers in the amount of $40,557.31.
JURISDICTION
The parties agree that this Court has jurisdiction over the subject matter of this proceeding pursuant to 28 U.S.C. § 157 and 1334 and Rule 9.01(B) of the Local Rules of the United States District Court for the Eastern District of Missouri. The parties further agree this matter is a core proceeding which the Court may hear and enter appropriate judgments pursuant to 28 U.S.C. § 157(b)(2)(F).
STATEMENT OF FACTS
Gateway Pacific Corp., doing business as Buffalo Tool, (the "Debtor") filed a Chapter 11 petition in this Court on August 30, 1995. The United States Trustee appointed an unsecured creditors' committee (the "Committee") which brought this action pursuant to this Court's order confirming Debtor's Liquidating Plan of Reorganization on December 5, 1996. In the ninety days prior to the bankruptcy filing (the "preference period"), Debtor paid Expeditors International of Washington, Inc. ("Expeditors") $96,797.30 in a series of transfers. The Committee seeks to avoid these transfers and recover them for the benefit of the estate.
Paragraph 25 of the Findings of Facts, Conclusions of Law and Order Confirming the Liquidating Plan of Reorganization Dated September 27, 1996 Filed by the Unsecured Creditors' Committee (the "Confirmation Order") vested causes of action under Chapter 5 of the Code in the Committee. That same paragraph provides that the Confirmation Order acts as an assignment of all causes of action to the Committee.
The parties stipulate that the payments at issue are preferential under 11 U.S.C. § 547(b) and that Expeditors was the "initial transferee" under § 550(a). Additionally, the parties stipulate that Expeditors advanced new value of $42,661.71 leaving a maximum recovery available to the Committee of $54,135.59. See § 547(c)(4). At trial, Expeditors presented evidence on the contemporaneous exchange and the ordinary course defense.
The Bankruptcy Code is 11 U.S.C. § 101-1330. All future references are to title 11 unless otherwise indicated.
Expeditors is a freight forwarder and customs broker which purchases space on air and ship lines to transport goods for their customers. In the summer of 1993, Debtor and Expeditors began doing business. Expeditors contracted with the Debtor to transport goods from point of origin (Asia) to Debtor's St. Louis, Missouri headquarters.
At trial Mr. Todd Hinkle, the district manager for Expeditors' St. Louis branch, explained the parties' relationship. Debtor executed a document entitled Notification and Terms and Conditions and Credit Application (the "Application") with Expeditors on October 5, 1993 whereby Expeditors extended the Debtor a $25,000 credit limit which the Debtor occasionally exceeded.
In April 1994, the credit limit was extended to $60,000.
Expeditors sent a separate invoice for each shipment and each additional billing (e.g. storage) for a particular shipment was denoted alphabetically. Although the invoice terms provided for payment within fifteen (15) days, the Debtor never paid within those terms. Nonetheless, Expeditors provided two to three shipments to the Debtor weekly, and Debtor accounted for approximately $600,000 annual revenue for Expeditors. Expeditors customarily advanced custom expenses for the Debtor at no service charge. Debtor paid each invoice in full by company check. Expeditors never returned a check to Debtor for insufficient funds, and it never charged Debtor late charges or threatened to withhold goods.
Mr. Hinkle testified that Expeditors, in accordance with its philosophy of working with its delinquent customers, employed a weekly collection call policy to customers which were not paying within invoice terms and that this policy was in practice with the Debtor. Expeditors made such calls to the Debtor and received payments after such calls "in most cases."
As Debtor exceeded the terms of the credit Application, a practice developed between the parties whereby Expeditors would release goods to the Debtor after payment of a prior invoice. The amount of goods released generally exceeded the amount of the payment.
Mr. Hinkle also testified as to industry standard regarding delinquent payments. First, he testified that approximately fifty percent (50%) of Expeditors' customers do not pay within the fifteen day invoice terms. He then testified that competitors use "open accounts" and that they work with delinquent customers. On cross examination, Mr. Hinkle admitted that he had not seen a competitors' policy manual and that problem accounts are widely known throughout the industry. He further testified that competitors do not have credit limits and that he was generally unfamiliar with the competitors' collection calls.
Mr. Robert Lawson, an officer of the Debtor, testified that he was never informed by Expeditors of any purported security interest Expeditors claimed in the assets of the debtor. He also testified that he was personally involved in the negotiations between the parties concerning the delinquent accounts.
Mr. Lawson testified that he had served as president, chief operating officer and chief financial officer of the Debtor. It is not entirely clear in which role, if any, Mr. Lawson served the day of the trial. However, Mr. Lawson testified that he was familiar with Expeditors and the account in general.
DISCUSSION
I. Ordinary Course of Business Defense
Otherwise voidable transfers may not be avoided if the creditor satisfies the three element ordinary course of business defense codified at § 547(c)(2). This defense is designed "to protect recurring, customary credit transactions that are incurred and paid in the ordinary course of business of the debtor and the debtor's transferee." 5 Collier on Bankruptcy, para. 547.04(2) (15th ed. rev. 1996). The Committee conceded that Expeditors had satisfied subpart (a) of § 547(c)(2) (requiring the transfer be in payment of a debt incurred by the debtor in the ordinary course of business or financial affairs of the debtor and the transferee). Further, the Court determined at trial that Expeditors satisfied its burden of proving ordinary business terms through the testimony of Mr. Hinkle. See In re U.S.A. Inns of Eureka Springs Arkansas, Inc., 9 F.3d 680, 684-5 (8th Cir. 1993) (requiring evidence of a prevailing practice among similarly situated members of the industry facing the same or similar problems). The only issue remaining is whether Expeditors has satisfied the remaining element of the ordinary course defense.
§ 547(c)(2) — The "subjective prong"
Courts have characterized subsections (B) and (C) as the subjective and objective components respectively. Subsection (B) requires proof of ordinariness between the debtor and creditor in question, while subpart (C) requires proof of ordinariness in relations to industry standards. See e.g. Jones v. United Savings and Loan Assc. (In re U.S.A. Inns of Eureka Springs Arkansas, Inc.), 9 F.3d 680, 684-85 (8th Cir. 1993) reh'g denied Logan v. Basic Distribution Corp. (In re Fred Hawes Org., Inc.), 957 F.2d 239 (6th Cir. 1992).
A necessary element to a successful ordinary course of business defense under § 547(c)(2) is that the creditor show that the transfer was made "in the ordinary course of business or financial affairs of the debtor and the transferee." § 547(c)(2)(B). No precise legal test exists for this inquiry; instead, the Court must engage a "peculiarly factual analysis." Lovett v. St. Johnsbury Trucking, 931 F.2d 494, 497 (8th Cir. 1991) quoting In re Fulghum Construction Corp., Inc., 872 F.2d 739, 743 (6th Cir. 1989). Expeditors must demonstrate some consistency with other business transactions between it and the Debtor. Id. quoting In re Magic Circle Energy Corp., 64 B.R. 269, 272 (Bankr.W.D.Okla. 1986).
In this case, the Buffalo Tool Transaction History (incorporated in this Memorandum as addendum A) documents, among other things, each invoice Expeditors sent, the date of the Debtor's check for each invoice and the date the check was deposited by Expeditors. At trial, the parties agreed to use the nine months preceding the preference period to establish the ordinary course of business between the parties. The Court finds that this time period is an adequate standard of the parties' ordinary course of business given the high volume of transactions between the parties. The relevant focus is on twenty-eight payments in the preference period — payments not subject to the parties' new value stipulation.
This exhibit was received into evidence as Plaintiff's exhibit 1 and Defendant's exhibit A.
Expeditors maintains the payments during the preference period followed a consistent pattern of late but steady payment. The evidence established that the median time from date of Expeditor's invoice to deposit date of Debtor's check increased 54% from the nine month pre-preference period to the preference period. Expeditors asks the Court to consider the entire year prior to filing, which it characterizes as a pattern of slow but steady pay.
See Plaintiff's exhibit No. 2.
Plaintiff's exhibit No. 2 establishes the median time between invoice date and deposit in the nine months preceding the preference period as 35 days. During the preference period however, the median payment time increased to 54 days — an increase of 54% percent. This Court believes such an increase removes many of the payments in the preference period from the ordinary course of the parties business.
The Court recognizes that the payments between the parties rarely, if ever, satisfied the stated terms of fifteen days net. Since late payments were the standard course of dealing between the parties, late payments shall be considered the ordinary course of payments between the parties. See Lovett, 931 F.2d 494, 498 citing Yurika Foods Corp., 888 F.2d 42, 44 (6th Cir. 1989) (citations omitted). However in this case, payments within the preference period are significantly later than those in the preceding months. Only four of the twenty-eight payments at issue were made under 50 days; whereas in the preceding nine months, only nine of approximately 155 payments exceed 50 days. From this data, the Court concludes that to satisfy the ordinary course of business between these parties, a payment may not exceed 50 days from invoice date to deposit date.
Applying this analysis to the payments, the Court finds that only four of the disputed payments were made in the ordinary course of business (within fifty days of the invoice dates): the three checks deposited on June 13, 1995 and one check deposited on June 29, 1995. These payments total $13,578.28 and are not subject to avoidance and recovery by the Committee under the ordinary course of business defense. Next, the Court must determine whether the payments falling outside the ordinary course of the parties' business qualify for non-avoidance under the contemporaneous exchange defense.
II. Contemporaneous Exchange Defense
Section 547(c) provides:
The trustee may not avoid under this section a transfer — (1) to the extent that such transfer was
(A) intended by the debtor and the creditor to or for whose benefit such transfer was made to be a contemporaneous exchange for new value given to the debtor; and
(B) in fact a substantially contemporaneous exchange.
To establish its (c)(1) defense, Expeditors must show that the parties intended the payments to be a contemporaneous exchange for new value, that the exchange was in fact contemporaneous, and that the release of a lien for payments constituted new value. The existence of intent, contemporaneousness, and new value are questions of fact. In re Lewellyn Co., Inc., 929 F.2d 424, 426 (8th Cir. 1991) citing Creditors' Committee v. Spada (In re Spada), 903 F.2d 971, 975 (3d Cir. 1990); see also 5 Collier on Bankruptcy, para. 547.04(1) (15th ed. rev. 1996).
Expeditors claims a security interest in goods transported for the Debtor and claims that release of that security interest after payment of an outstanding invoice constitutes "new value." The contemporaneous exchange, it argues, is payment of an outstanding invoice.
Expeditors claims a security interest under two, complementary theories. First, it argues it had a security interest by possession when it received a negotiable bill of lading from the shipper. Additionally, Expeditors argues the Notification and Terms and Conditions and Credit Application (previously defined as the "Application") is a binding security agreement and that the Application grants it a lien in the goods it transported for the Debtor.
The Committee maintains Expeditors never had a security interest in the goods it transported. The Committee stresses Mr. Lawson's testimony that he was never informed of the purported security interest which Expeditors claimed in the goods as proving that the Debtor did not "intend" a contemporaneous exchange.
The Committee disputes that the Application formed a security agreement. Further, the Committee points to an absence of evidence on the possession by bill of lading theory. Finally, the Committee, when assuming arguendo the Application formed a security agreement, points to internal inconsistencies within the Application as proving that Expeditors did not have a lien in the goods transported for Debtor.
Contemporaneous Intent
"The critical inquiry in determining whether there has been a contemporaneous exchange for new value is whether the parties intended such an exchange." McClendon v. Cal-Wood Door (In re Wadsworth Building), 711 F.2d 122, 124 (9th Cir. 1983). The Court concludes that Expeditors failed to carry the burden of proof on this element. See § 547(g) (placing burden of proving nonavoidability of a transfer under § 547(c) on the creditor against whom recovery is sought).
Mr. Lawson testified that he was not aware of the purported security interest which Expeditors claimed in the goods. Cross examination failed to prove that either the Debtor knew of the existence of a security interest or that the Debtor intended to exchange the release of that interest. Accordingly, the Court concludes the transfers in question were not "intended by the debtor and the creditor . . . to be a contemporaneous exchange."
Expeditors might well have intended such an exchange, but § 547(c)(1) requires the intent of both the debtor and the creditor. A party cannot intend an exchange when one does not know of the existence of the matter to be exchanged. In light of this unrebutted testimony, Expeditors cannot prevail on this element of the contemporaneous exchange defense, and the entire § 547(c)(1) defense fails.
CONCLUSION
For these reasons, judgment is entered in favor of the Official Unsecured Creditors' Committee and against Expeditors International of Washington, Inc. in the amount of $40,557.31.
ADDENDUM "A"
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
72400936 09/12/94 $1,576.34 N/R 13555 72400956 09/13/94 $5,940.60 N/R 13555 72400957 09/13/94 $5,495.36 N/R 13555 72400893A 09/14/94 $45.00 N/R 13628 72400966 09/14/94 $5,409.69 N/R 13628 72400967 09/14/94 $5,239.80 N/R 13628 72400968 09/14/94 $3,881.36 N/R 13628 72400982 09/15/94 $2,271.53 N/R 13555 72400983 09/15/94 $2,294.01 N/R 13555 72400915A 09/16/94 $45.00 N/R 13555 72400931A 09/16/94 $45.00 N/R 13555 72400938 09/20/94 $555.25 N/R 13628 72400979 09/21/94 $3,192.84 N/R 13628 72400975 09/22/94 $1,904.97 N/R 13827 72400976 09/22/94 $4,412.37 N/R 13628 72400995 09/28/94 $7,411.27 N/R 13827 72400913A 09/29/94 $95.00 N/R 13827 72400981 09/29/94 $1,254.54 N/R 13827 72400975A 10/04/94 $2,390.00 N/R 13827 72401016 10/04/94 $4,646.99 N/R 13827 72401017 10/04/94 $4,591.05 N/R 13827 72401024 10/04/94 $7,064.66 N/R 13827 72401046 10/04/94 $6,181.38 N/R 13827 72400935A 10/06/94 $260.00 N/R 13920 72401023 10/13/94 $5,196.46 N/R 13920 72401018 10/14/94 $6,785.94 N/R 14003 72400968A 10/18/94 $45.00 N/R 13920 72400982A 10/18/94 $95.00 N/R 13920 72401059 10/18/94 $4,489.64 N/R 13920 72401062 10/18/94 $5,636.98 N/R 13920 22400823 10/21/94 $248.01 N/R 13920 72400975B 10/24/94 $45.00 N/R 13920 72400979A 10/24/94 $45.00 N/R 13920 72400995A 10/24/94 $45.00 N/R 13920 72401057 10/24/94 $2,241.62 N/R 13920 72401069 10/25/94 $5,805.72 N/R 13920
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS HECK GOODS DATE DEPOSIT EARED CLEARED CUSTOMS
72400936 09/27/94 10/17/94 N/R N/R 72400956 09/27/94 10/17/94 N/R N/R 72400957 09/27/94 10/17/94 N/R N/R 72400893A 10/06/94 11/14/94 N/R N/R 72400966 10/06/94 11/14/94 N/R N/R 72400967 10/06/94 11/14/94 N/R N/R 72400968 10/06/94 11/14/94 N/R N/R 72400982 09/27/94 10/17/94 N/R N/R 72400983 09/27/94 10/17/94 N/R N/R 72400915A 09/27/94 10/17/94 N/R N/R 72400931A 09/27/94 10/17/94 N/R N/R 72400938 10/06/94 11/14/94 N/R N/R 72400979 10/06/94 11/14/94 N/R N/R 72400975 11/04/94 11/08/94 N/R N/R 72400976 10/06/94 11/14/94 N/R N/R 72400995 11/04/94 11/08/94 N/R N/R 72400913A 11/04/94 11/08/94 N/R N/R 72400981 11/04/94 11/08/94 N/R N/R 72400975A 11/04/94 11/08/94 N/R N/R 72401016 11/04/94 11/08/94 N/R N/R 72401017 11/04/94 11/08/94 N/R N/R 72401024 11/04/94 11/08/94 N/R N/R 72401046 11/04/94 11/08/94 N/R N/R 72400935A 11/10/94 11/18/94 N/R N/R 72401023 11/10/94 11/18/94 N/R N/R 72401018 11/17/94 12/01/94 N/R N/R 72400968A 11/10/94 11/18/94 N/R N/R 72400982A 11/10/94 11/18/94 N/R N/R 72401059 11/10/94 11/18/94 N/R N/R 72401062 11/10/94 11/18/94 N/R N/R 22400823 11/10/94 11/18/94 N/R N/R 72400975B 11/10/94 11/18/94 N/R N/R 72400979A 11/10/94 11/18/94 N/R N/R 72400995A 11/10/94 11/18/94 N/R N/R 72401057 11/10/94 11/18/94 N/R N/R 72401069 11/10/94 11/18/94 N/R N/R
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
72400936 35 $0.00 N/A $0.00 72400956 34 $0.00 N/A $0.00 72400957 34 $0.00 N/A $0.00 72400893A 61 $0.00 N/A $0.00 72400966 61 $0.00 N/A $0.00 72400967 61 $0.00 N/A $0.00 72400968 61 $0.00 N/A $0.00 72400982 32 $0.00 N/A $0.00 72400983 32 $0.00 N/A $0.00 72400915A 31 $0.00 N/A $0.00 72400931A 31 $0.00 N/A $0.00 72400938 55 $0.00 N/A $0.00 72400979 54 $0.00 N/A $0.00 72400975 47 $0.00 N/A $0.00 72400976 53 $0.00 N/A $0.00 72400995 41 $0.00 N/A $0.00 72400913A 40 $0.00 N/A $0.00 72400981 40 $0.00 N/A $0.00 72400975A 35 $0.00 N/A $0.00 72401016 35 $0.00 N/A $0.00 72401017 35 $0.00 N/A $0.00 72401024 35 $0.00 N/A $0.00 72401046 35 $0.00 N/A $0.00 72400935A 43 $0.00 N/A $0.00 72401023 36 $0.00 N/A $0.00 72401018 48 $0.00 N/A $0.00 72400968A 31 $0.00 N/A $0.00 72400982A 31 $0.00 N/A $0.00 72401059 31 $0.00 N/A $0.00 72401062 31 $0.00 N/A $0.00 22400823 28 $0.00 N/A $0.00 72400975B 25 $0.00 N/A $0.00 72400979A 25 $0.00 N/A $0.00 72400995A 25 $0.00 N/A $0.00 72401057 25 $0.00 N/A $0.00 72401069 24 $0.00 N/A $0.00
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE JOINT EXHIBIT
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
72401068 10/26/94 $4,842.92 N/R 14003 72401076 10/27/94 $4,962.62 N/R 14003 72401077 10/27/94 $6,091.69 N/R 14003 72401059A 10/28/94 $4,612.34 N/R 14162 72401078 11/01/94 $1,509.87 N/R 14162 72401086 11/01/94 $5,005.37 N/R 14162 72401092 11/01/94 $5,975.25 N/R 14162 72401037 11/02/94 $328.18 N/R 14223 72401098 11/03/94 $6,000.23 N/R 14162 72401132 11/07/94 $507.99 N/R 14223 72401117 11/10/94 $4,737.92 N/R 14223 72401119 11/10/94 $3,812.50 N/R 14223 72400834A 11/14/94 $434.84 N/R 14223 72400935B 11/14/94 $477.00 N/R 14223 72401132A 11/17/94 $50.00 N/R 14415 72401144 11/17/94 $4,695.89 N/R 14415 72401145 11/17/94 $5,895.54 N/R 14162 72401119A 11/21/94 $50.00 N/R 14415 72401118 11/22/94 $5,353.95 N/R 14415 72401134 11/22/94 $4,718.07 N/R 14415 72401159 11/22/94 $5,618.95 N/R 14415 72401160 11/22/94 $6,366.91 N/R 14415 72401197 11/22/94 $1,644.64 N/R 14357 72401184 12/01/94 $4,858.72 N/R 14357 72401185 12/01/94 $6,296.79 N/R 14357 72401132B 12/05/94 $45.00 N/R 14357 72401206 12/06/94 $6,674.35 N/R 14453 72401207 12/06/94 $5,383.19 N/R 14357 72401208 12/06/94 $5,395.62 N/R 14357 72401186 12/07/94 $2,871.73 N/R 14357 72401197A 12/08/94 $175.00 N/R 14453 72401219 12/08/94 $6,139.75 N/R 14453 72401221 12/08/94 $6,098.45 N/R 14453 72401222 12/08/94 $6,472.65 N/R 14453 82400910 12/08/94 $1,100.00 N/R 14453 72401132C 12/12/94 $320.00 N/R 14585
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS CHECK GOODS DATE DEPOSIT CLEARED CLEARED CUSTOMS
72401068 11/17/94 12/01/94 N/R N/R 72401076 11/17/94 12/01/94 N/R N/R 72401077 11/17/94 12/01/94 N/R N/R 72401059A 12/02/94 12/20/94 N/R N/R 72401078 12/02/94 12/20/94 N/R N/R 72401086 12/02/94 12/20/94 N/R N/R 72401092 12/02/94 12/20/94 N/R N/R 72401037 12/02/94 12/16/94 N/R N/R 72401098 12/02/94 12/20/94 N/R N/R 72401132 12/02/94 12/16/94 N/R N/R 72401117 12/02/94 12/16/94 N/R N/R 72401119 12/02/94 12/16/94 N/R N/R 72400834A 12/02/94 12/16/94 N/R N/R 72400935B 12/02/94 12/16/94 N/R N/R 72401132A 12/21/94 12/27/94 N/R N/R 72401144 12/21/94 12/27/94 N/R N/R 72401145 12/02/94 12/20/94 N/R N/R 72401119A 12/21/94 12/27/94 N/R N/R 72401118 12/21/94 12/27/94 N/R N/R 72401134 12/21/94 12/27/94 N/R N/R 72401159 12/21/94 12/27/94 N/R N/R 72401160 12/21/94 12/27/94 N/R N/R 72401197 12/20/94 01/06/95 N/R N/R 72401184 12/20/94 01/06/95 N/R N/R 72401185 12/20/94 01/06/95 N/R N/R 72401132B 12/20/94 01/06/95 N/R N/R 72401206 12/29/94 01/10/95 N/R N/R 72401207 12/20/94 01/06/95 N/R N/R 72401208 12/20/94 01/06/95 N/R N/R 72401186 12/20/94 01/06/95 N/R N/R 72401197A 12/29/94 01/10/95 N/R N/R 72401219 12/29/94 01/10/95 N/R N/R 72401221 12/29/94 01/10/95 N/R N/R 72401222 12/29/94 01/10/95 N/R N/R 82400910 12/29/94 01/10/95 N/R N/R 72401132C 01/17/95 01/26/95 N/R N/R
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
72401068 36 $0.00 N/A $0.00 72401076 35 $0.00 N/A $0.00 72401077 35 $0.00 N/A $0.00 72401059A 53 $0.00 N/A $0.00 72401078 49 $0.00 N/A $0.00 72401086 49 $0.00 N/A $0.00 72401092 49 $0.00 N/A $0.00 72401037 44 $0.00 N/A $0.00 72401098 47 $0.00 N/A $0.00 72401132 39 $0.00 N/A $0.00 72401117 36 $0.00 N/A $0.00 72401119 36 $0.00 N/A $0.00 72400834A 32 $0.00 N/A $0.00 72400935B 32 $0.00 N/A $0.00 72401132A 40 $0.00 N/A $0.00 72401144 40 $0.00 N/A $0.00 72401145 33 $0.00 N/A $0.00 72401119A 36 $0.00 N/A $0.00 72401118 35 $0.00 N/A $0.00 72401134 35 $0.00 N/A $0.00 72401159 35 $0.00 N/A $0.00 72401160 35 $0.00 N/A $0.00 72401197 45 $0.00 N/A $0.00 72401184 36 $0.00 N/A $0.00 72401185 36 $0.00 N/A $0.00 72401132B 32 $0.00 N/A $0.00 72401206 35 $0.00 N/A $0.00 72401207 31 $0.00 N/A $0.00 72401208 31 $0.00 N/A $0.00 72401186 30 $0.00 N/A $0.00 72401197A 33 $0.00 N/A $0.00 72401219 33 $0.00 N/A $0.00 72401221 33 $0.00 N/A $0.00 72401222 33 $0.00 N/A $0.00 82400910 33 $0.00 N/A $0.00 72401132C 45 $0.00 N/A $0.00
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE JOINT EXHIBIT
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
72401237 12/19/94 $6,963.82 N/R 14585 72401247 12/19/94 $5,047.10 N/R 14585 72401248 12/19/94 $4,983.13 N/R 14585 72401249 12/19/94 $5,184.03 N/R 14585 72401257 12/20/94 $2,911.83 N/R 14585 72401260 12/20/94 $2,381.91 N/R 14585 72401219A 12/21/94 $164.49 N/R 14453 72401197B 12/22/94 $45.00 N/R 14585 72401077A 12/27/94 $50.00 N/R 14773 72401222A 12/27/94 $65.00 N/R 14773 72401262 12/27/94 $5,371.85 N/R 14773 72401263 12/27/94 $6,205.42 N/R 14773 72401145A 12/30/94 $95.00 N/R 14773 72401283 12/30/94 $2,760.00 N/R 14773 72401268 01/03/95 $1,896.22 N/R 14864 72401269 01/03/95 $1,924.42 N/R 14864 72401270 01/03/95 $1,023.20 N/R 14864 72401219B 01/04/95 $55.00 N/R 14864 72401284 01/04/95 $5,364.61 N/R 14864 72401285 01/04/95 $5,862.06 N/R 14864 72401286 01/04/95 $5,577.24 N/R 14864 72401219C 01/09/95 $200.00 N/R 14864 72401299 01/09/95 $4,953.51 N/R 14864 72401300 01/09/95 $5,422.73 N/R 14864 72401301 01/09/95 $4,671.12 N/R 14864 42411799 01/12/95 $134.55 N/R 14954 72401307 01/16/95 $2,184.80 N/R 14864 72401308 01/16/95 $2,030.96 N/R 14864 72401320 01/16/95 $5,296.23 N/R 14864 72401309 01/17/95 $2,514.93 N/R 14864 72401260A 01/18/95 $45.00 N/R 14864 72401332 01/24/95 $5,352.30 N/R 14954 72401333 01/24/95 $5,080.94 N/R 14954 72401092A 01/25/95 $32.18 N/R 14954 72401321 01/25/95 $5,416.77 N/R 14954 72401338 01/25/95 $11,011.51 N/R 14954
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS CHECK GOODS DATE DEPOSIT CLEARED CLEARED CUSTOMS
72401237 01/17/95 01/26/95 N/R N/R 72401247 01/17/95 01/26/95 N/R N/R 72401248 01/17/95 01/26/95 N/R N/R 72401249 01/17/95 01/26/95 N/R N/R 72401257 01/17/95 01/26/95 N/R N/R 72401260 01/17/95 01/26/95 N/R N/R 72401219A 12/29/94 01/10/95 N/R N/R 72401197B 01/17/95 01/26/95 N/R N/R 72401077A 02/02/95 02/08/95 N/R N/R 72401222A 02/02/95 02/08/95 N/R N/R 72401262 02/02/95 02/08/95 N/R N/R 72401263 02/02/95 02/08/95 N/R N/R 72401145A 02/02/95 02/08/95 N/R N/R 72401283 02/02/95 02/08/95 N/R N/R 72401268 02/09/95 02/10/95 N/R N/R 72401269 02/09/95 02/10/95 N/R N/R 72401270 02/09/95 02/10/95 N/R N/R 72401219B 02/09/95 02/10/95 N/R N/R 72401284 02/09/95 02/10/95 N/R N/R 72401285 02/09/95 02/10/95 N/R N/R 72401286 02/09/95 02/10/95 N/R N/R 72401219C 02/09/95 02/10/95 N/R N/R 72401299 02/09/95 02/10/95 N/R N/R 72401300 02/09/95 02/10/95 N/R N/R 72401301 02/09/95 02/10/95 N/R N/R 42411799 02/15/95 02/21/95 N/R N/R 72401307 02/09/95 02/10/95 N/R N/R 72401308 02/09/95 02/10/95 N/R N/R 72401320 02/09/95 02/10/95 N/R N/R 72401309 02/09/95 02/10/95 N/R N/R 72401260A 02/09/95 02/10/95 N/R N/R 72401332 02/15/95 02/21/95 N/R N/R 72401333 02/15/95 02/21/95 N/R N/R 72401092A 02/15/95 02/21/95 N/R N/R 72401321 02/15/95 02/21/95 N/R N/R 72401338 02/15/95 02/21/95 N/R N/R
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
72401237 38 $0.00 N/A $0.00 72401247 38 $0.00 N/A $0.00 72401248 38 $0.00 N/A $0.00 72401249 38 $0.00 N/A $0.00 72401257 37 $0.00 N/A $0.00 72401260 37 $0.00 N/A $0.00 72401219A 20 $0.00 N/A $0.00 72401197B 35 $0.00 N/A $0.00 72401077A 43 $0.00 N/A $0.00 72401222A 43 $0.00 N/A $0.00 72401262 43 $0.00 N/A $0.00 72401263 43 $0.00 N/A $0.00 72401145A 40 $0.00 N/A $0.00 72401283 40 $0.00 N/A $0.00 72401268 38 $0.00 N/A $0.00 72401269 38 $0.00 N/A $0.00 72401270 38 $0.00 N/A $0.00 72401219B 37 $0.00 N/A $0.00 72401284 37 $0.00 N/A $0.00 72401285 37 $0.00 N/A $0.00 72401286 37 $0.00 N/A $0.00 72401219C 32 $0.00 N/A $0.00 72401299 32 $0.00 N/A $0.00 72401300 32 $0.00 N/A $0.00 72401301 32 $0.00 N/A $0.00 42411799 40 $0.00 N/A $0.00 72401307 25 $0.00 N/A $0.00 72401308 25 $0.00 N/A $0.00 72401320 25 $0.00 N/A $0.00 72401309 24 $0.00 N/A $0.00 72401260A 23 $0.00 N/A $0.00 72401332 28 $0.00 N/A $0.00 72401333 28 $0.00 N/A $0.00 72401092A 27 $0.00 N/A $0.00 72401321 27 $0.00 N/A $0.00 72401338 27 $0.00 N/A $0.00
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE JOINT EXHIBIT
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
72401342 02/01/95 $4,893.17 N/R 15071 72401343 02/01/95 $4,292.97 N/R 15071 72401358 02/01/95 $811.83 N/R 15210 72401367 02/01/95 $1,192.03 N/R 15071 72401263A 02/02/95 $45.00 N/R 15071 72401355 02/08/95 $4,216.71 N/R 15153 72401356 02/08/95 $4,516.47 N/R 15153 72401357 02/08/95 $8,129.76 N/R 15153 72401370 02/08/95 $6,507.71 N/R 15153 72401371 02/08/95 $4,640.08 N/R 15034 72401372 02/08/95 $5,515.33 N/R 15034 72401321A 02/13/95 $405.00 N/R 15210 72401342A 02/14/95 $18.50 N/R 15210 72401386 02/16/95 $6,812.59 N/R 15389 72401342B 02/20/95 $330.00 N/R 15153 72401367A 02/20/95 $45.00 N/R 15210 72401394 02/21/95 $1,740.24 N/R 15210 72401395 02/21/95 $4,771.23 N/R 15283 72401412 02/23/95 $974.94 N/R 15389 72401358A 02/27/95 $420.00 N/R 15530 72401398 02/27/95 $4,895.45 N/R 15283 72401399 02/27/95 $5,801.20 N/R 15283 72401403 03/06/95 $4,595.95 N/R 15460 72401404 03/06/95 $4,237.72 N/R 15460 72401416 03/08/95 $4,214.46 N/R 15530 72401417 03/08/95 $5,389.92 N/R 15530 72401418 03/08/95 $5,378.24 N/R 15530 22401002 03/09/95 $122.64 N/R 15530 72401394A 03/13/95 $45.00 N/R 15679 72401358B 03/16/95 $45.00 N/R 15679 72401395A 03/16/95 $45.00 N/R 15679 72401412A 03/16/95 $576.00 N/A 15803 72401430 03/21/95 $5,836.62 N/R 15679 72401308A 03/23/95 $2,720.00 N/R 15679 72401386A 03/23/95 $2,790.00 N/R 15679 72401445 03/23/95 $4,999.37 N/R 15679
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS CHECK GOODS DATE DEPOSIT CLEARED CLEARED CUSTOMS
72401342 02/24/95 03/03/95 N/R N/R 72401343 02/24/95 03/03/95 N/R N/R 72401358 03/10/95 03/20/95 N/R N/R 72401367 02/24/95 03/03/95 N/R N/R 72401263A 02/24/95 03/03/95 N/R N/R 72401355 03/03/95 03/06/95 N/R N/R 72401356 03/03/95 03/06/95 N/R N/R 72401357 03/03/95 03/06/95 N/R N/R 72401370 03/03/95 03/06/95 N/R N/R 72401371 02/23/95 02/24/95 N/R N/R 72401372 02/23/95 02/24/95 N/R N/R 72401321A 03/10/95 03/20/95 N/R N/R 72401342A 03/10/95 03/20/95 N/R N/R 72401386 03/23/95 03/27/95 N/R N/R 72401342B 03/03/95 03/06/95 N/R N/R 72401367A 03/10/95 03/20/95 N/R N/R 72401394 03/10/95 03/20/95 N/R N/R 72401395 03/16/95 03/20/95 N/R N/R 72401412 03/23/95 03/27/95 N/R N/R 72401358A 04/06/95 04/14/95 N/R N/R 72401398 03/16/95 03/20/95 N/R N/R 72401399 03/16/95 03/20/95 N/R N/R 72401403 03/30/95 04/07/95 N/R N/R 72401404 03/30/95 04/07/95 N/R N/R 72401416 04/06/95 04/14/95 N/R N/R 72401417 04/06/95 04/14/95 N/R N/R 72401418 04/06/95 04/14/95 N/R N/R 22401002 04/06/95 04/14/95 N/R N/R 72401394A 04/14/95 04/21/95 N/R N/R 72401358B 04/14/95 04/21/95 N/R N/R 72401395A 04/14/95 04/21/95 N/R N/R 72401412A 04/24/95 05/11/95 N/R N/R 72401430 04/14/95 04/21/95 N/R N/R 72401308A 04/14/95 04/21/95 N/R N/R 72401386A 04/14/95 04/21/95 N/R N/R 72401445 04/14/95 04/21/95 N/R N/R
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
72401342 30 $0.00 N/A $0.00 72401343 30 $0.00 N/A $0.00 72401358 47 $0.00 N/A $0.00 72401367 30 $0.00 N/A $0.00 72401263A 29 $0.00 N/A $0.00 72401355 26 $0.00 N/A $0.00 72401356 26 $0.00 N/A $0.00 72401357 26 $0.00 N/A $0.00 72401370 26 $0.00 N/A $0.00 72401371 16 $0.00 N/A $0.00 72401372 16 $0.00 N/A $0.00 72401321A 35 $0.00 N/A $0.00 72401342A 34 $0.00 N/A $0.00 72401386 39 $0.00 N/A $0.00 72401342B 14 $0.00 N/A $0.00 72401367A 28 $0.00 N/A $0.00 72401394 27 $0.00 N/A $0.00 72401395 27 $0.00 N/A $0.00 72401412 32 $0.00 N/A $0.00 72401358A 46 $0.00 N/A $0.00 72401398 21 $0.00 N/A $0.00 72401399 21 $0.00 N/A $0.00 72401403 32 $0.00 N/A $0.00 72401404 32 $0.00 N/A $0.00 72401416 37 $0.00 N/A $0.00 72401417 37 $0.00 N/A $0.00 72401418 37 $0.00 N/A $0.00 22401002 36 $0.00 N/A $0.00 72401394A 39 $0.00 N/A $0.00 72401358B 36 $0.00 N/A $0.00 72401395A 36 $0.00 N/A $0.00 72401412A 56 $0.00 N/A $0.00 72401430 31 $0.00 N/A $0.00 72401308A 29 $0.00 N/A $0.00 72401386A 29 $0.00 N/A $0.00 72401445 29 $0.00 N/A $0.00
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE JOINT EXHIBIT
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
72401446 03/23/95 $4,506.91 N/R 15679 72401457 03/29/95 $3,792.97 N/R 15803 72401458 03/29/95 $4,624.52 N/R 15803 72401464 03/29/95 $5,159.16 N/R 15803 72401386B 04/03/95 $95.00 N/R 15803 72401404A 04/03/95 $45.00 N/R 15803 72401464A 04/06/95 $810.00 N/R 15803 72401478 04/10/95 $3,213.37 $54,737.16 15902 72401479 04/10/95 $2,058.74 $45,512.95 15902 72401480 04/10/95 $3,225.48 $38,614.56 15902 72401483 04/10/95 $1,270.95 $13,475.50 15902 72401504 04/13/95 $2,075.72 $33,908.30 16048 72401492 04/14/95 $228.57 $18,978.24 16048 72401500 04/14/95 $1,921.68 $32,810.12 16048 72401501 04/14/95 $3,054.76 $53,468.76 16048 72401502 04/14/95 $1,088.59 $23,738.98 16048 72401490 04/20/95 $621.61 $39,284.00 16048 72401505 04/20/95 $3,045.97 $33,463.80 16048 72401506 04/20/95 $2,671.95 $42,895.21 16048 72401483A 04/21/95 $45.00 N/A 16048 72401492A 04/21/95 $2,685.00 N/A 16553 72401476 04/26/95 $5,290.91 $40,376.00 16048 72401477 04/26/95 $806.98 $8,699.84 16048 72401525 04/28/95 $5,602.23 $31,378.32 16048 72401526 05/11/95 $1,878.16 $34,123.39 16266 72401534 05/15/95 $2,405.66 $41,363.96 16345 72401535 05/15/95 $2,064.39 $34,336.80 16345 72401536 05/15/95 $2,701.37 $32,765.78 16345 72401535A 05/17/95 $50.00 N/A 16642 72401527 05/17/95 $2,338.71 $39,999.90 16553 72401548 05/18/95 $1,938.73 $39,100.40 16642 72401549 05/18/95 $2,605.51 $42,752.14 72401552 05/18/95 $887.06 $24,082.00 16642 72401559 05/18/95 $1,722.41 $29,933.44 16642 72401560 05/18/95 $3,023.68 $32,975.20 16642 72401561 05/18/95 $975.18 $16,605.75 16642
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS CHECK GOODS DATE DEPOSIT CLEARED CLEARED CUSTOMS
72401446 04/14/95 04/21/95 N/R N/R 72401457 04/24/95 05/11/95 N/R N/R 72401458 04/24/95 05/11/95 N/R N/R 72401464 04/24/95 05/11/95 N/R N/R 72401386B 04/24/95 05/11/95 N/R N/R 72401404A 04/24/95 05/11/95 N/R N/R 72401464A 04/24/95 05/11/95 N/R N/R 72401478 05/10/95 05/30/95 05/31/95 04/14/95 72401479 05/10/95 05/30/95 05/31/95 04/14/95 72401480 05/10/95 05/30/95 05/31/95 04/14/95 72401483 05/10/95 05/30/95 05/31/95 04/10/95 72401504 05/31/95 06/13/95 06/13/95 04/17/95 72401492 05/31/95 06/13/95 06/13/95 04/19/95 72401500 05/31/95 06/13/95 06/13/95 04/19/95 72401501 05/31/95 06/13/95 06/13/95 04/19/95 72401502 05/31/95 06/13/95 06/13/95 04/19/95 72401490 05/31/95 06/13/95 06/13/95 04/20/95 72401505 05/31/95 06/13/95 06/13/95 04/29/95 72401506 05/31/95 06/13/95 06/13/95 04/29/95 72401483A 05/31/95 06/13/95 06/13/95 N/A 72401492A 07/07/95 07/11/95 07/11/95 N/A 72401476 05/31/95 06/13/95 06/13/95 05/05/95 72401477 05/31/95 06/13/95 06/13/95 05/01/95 72401525 05/31/95 06/13/95 06/13/95 05/06/95 72401526 06/22/95 06/28/95 06/29/95 05/04/95 72401534 06/29/95 07/07/95 07/07/95 05/12/95 72401535 06/29/95 07/07/95 07/07/95 05/12/95 72401536 06/29/95 07/07/95 07/07/95 05/12/95 72401535A 07/14/95 07/17/95 07/17/95 N/A 72401527 07/07/95 07/11/95 07/12/95 05/04/95 72401548 07/14/95 07/17/95 07/18/95 05/18/96 72401549 05/18/95 72401552 07/14/95 07/17/95 07/18/95 05/21/95 72401559 07/14/95 07/17/95 07/18/95 05/25/95 72401560 07/14/95 07/17/95 07/18/95 05/25/95 72401561 07/14/95 07/17/95 07/18/95 05/25/95
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
72401446 29 $0.00 N/A $0.00 72401457 43 $0.00 N/A $0.00 72401458 43 $0.00 N/A $0.00 72401464 43 $0.00 N/A $0.00 72401386B 38 $0.00 N/A $0.00 72401404A 38 $0.00 N/A $0.00 72401464A 35 $0.00 N/A $0.00 72401478 50 $0.00 N/A $0.00 72401479 50 $0.00 N/A $0.00 72401480 50 $0.00 N/A $0.00 72401483 50 $0.00 N/A $0.00 72401504 61 $2,075.72 N/A $2,075.72 72401492 60 $228.57 N/A $228.57 72401500 60 $1,921.68 N/A $1,921.68 72401501 60 $3,054.76 N/A $3,054.76 72401502 60 $1,088.59 N/A $1,088.59 72401490 54 $621.61 N/A $621.61 72401505 54 $3,045.97 N/A $3,045.97 72401506 54 $2,671.95 N/A $2,671.95 72401483A 53 $45.00 N/A $45.00 72401492A 81 $2,685.00 N/A $2,685.00 72401476 48 $5,290.91 N/A $5,290.91 72401477 48 $806.98 N/A $806.98 72401525 46 $5,602.23 N/A $5,602.23 72401526 48 $1,878.16 N/A $1,878.16 72401534 53 $2,405.66 N/A $2,405.66 72401535 53 $2,064.39 N/A $2,064.39 72401536 53 $2,701.37 N/A $2,701.37 72401535A 61 $50.00 N/A $50.00 72401527 55 $2,338.71 N/A $2,338.71 72401548 60 $1,938.73 N/A $1,938.73 72401549 N/A $0.00 N/A $0.00 72401552 60 $887.06 N/A $887.06 72401559 60 $1,722.41 N/A $1,722.41 72401560 60 $3,023.68 N/A $3,023.68 72401561 60 $975.18 N/A $975.18
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE JOINT EXHIBIT
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
82401168 05/22/95 $25.00 N/A 82401169 05/22/95 $2,575.00 N/A 72401477A 05/25/95 $375.00 N/A 16795 72401505A 05/25/95 $45.00 N/A 16795 72401567 05/31/95 $2,797.36 $43,675.68 16795 72401568 05/31/95 $2,208.38 $40,272.64 16795 72401603 06/06/95 $3,465.72 $45,654.80 16899 72401504A 06/07/95 $1,025.00 N/A 16899 72401595 06/07/95 $3,380.30 $38,361.20 16795 72401534A 06/08/95 $400.00 N/A 16899 72401536A 06/08/95 $200.00 N/A 16899 72401548A 06/08/95 $300.00 N/A 16899 72401549A 06/08/95 $730.00 N/A 16899 72401582 06/11/95 $2,516.42 $45,771.12 17016 72401584 06/11/95 $2,699.54 $42,764.98 17016 72401606 06/13/95 $3,552.11 $66,301.18 17016 72401607 06/13/95 $5,036.02 $56,433.92 17110 72401611 06/23/95 $8,744.76 $57,289.83 17110 72401642 06/23/95 $4,033.90 $33,999.48 17110 72401658 06/23/95 $2,405.27 $38,096.32 17216 72401660 06/23/95 $3,533.20 $57,721.55 17216 72401595A 06/26/95 $225.00 N/A 17216 72401667 06/26/95 $2,255.83 $28,310.94 17216 72401504B 06/29/95 $45.00 N/A 72401552A 06/29/95 $45.00 N/A 72401559A 06/29/95 $45.00 N/A 72401561A 06/29/95 $200.00 N/A 72401568A 06/29/95 $95.00 N/A 72401603A 06/29/95 $300.00 N/A 72401667A 07/06/95 $35.00 N/A 17216 72401651 07/06/95 $4,679.17 $49,552.00 72401652 07/06/95 $4,689.52 $54,191.20 16899 72401660A 07/12/95 $100.00 N/A 72401694 07/12/95 $3,540.60 $58,620.60 72401696 07/12/95 $2,666.43 $58,620.60 72401667B 07/17/95 $150.00 N/A
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS CHECK GOODS DATE DEPOSIT CLEARED CLEARED CUSTOMS
82401168 N/A 82401169 UNKNOWN 72401477A 07/21/95 07/24/95 07/28/95 N/A 72401505A 07/21/95 07/24/95 07/28/95 N/A 72401567 07/21/95 07/24/95 07/28/95 05/31/95 72401568 07/21/95 07/24/95 07/28/95 05/31/95 72401603 07/28/95 07/31/95 08/01/95 06/02/95 72401504A 07/28/95 07/31/95 08/01/95 N/A 72401595 07/21/95 07/24/95 07/28/95 06/09/95 72401534A 07/28/95 07/31/95 08/01/95 N/A 72401536A 07/28/95 07/31/95 08/01/95 N/A 72401548A 07/28/95 07/31/95 08/01/95 N/A 72401549A 07/28/95 07/31/95 08/01/95 N/A 72401582 08/03/95 08/07/95 08/08/95 06/08/95 72401584 08/03/95 08/07/95 08/08/95 06/08/95 72401606 08/03/95 08/07/95 08/08/95 06/14/95 72401607 08/10/95 08/14/95 08/14/95 06/14/95 72401611 08/10/95 08/14/95 08/14/95 06/29/95 72401642 08/10/95 08/14/95 08/14/95 06/29/95 72401658 08/18/95 08/21/95 08/22/95 07/02/95 72401660 08/18/95 08/21/95 08/22/95 07/02/95 72401595A 08/18/95 08/21/95 08/22/95 N/A 72401667 08/18/95 08/21/95 08/22/95 06/30/95 72401504B N/A 72401552A N/A 72401559A N/A 72401561A N/A 72401568A N/A 72401603A N/A 72401667A 08/18/95 08/21/95 08/21/95 N/A 72401651 07/10/95 72401652 07/28/95 07/31/95 07/31/95 07/10/95 72401660A N/A 72401694 07/13/95 72401696 07/13/95 72401667B N/A
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
82401168 N/A $0.00 N/A $0.00 82401169 N/A $0.00 N/A $0.00 72401477A 60 $375.00 N/A $375.00 72401505A 60 $45.00 N/A $45.00 72401567 54 $2,797.36 N/A $2,797.36 72401568 54 $2,208.38 N/A $1,793.91 72401603 55 $3,465.72 N/A $0.00 72401504A 54 $1,025.00 N/A $0.00 72401595 47 $3,380.30 N/A $0.00 72401534A 53 $400.00 N/A $0.00 72401536A 53 $200.00 N/A $0.00 72401548A 53 $300.00 N/A $0.00 72401549A 53 $730.00 N/A $0.00 72401582 57 $2,516.42 N/A $0.00 72401584 57 $2,699.54 N/A $0.00 72401606 55 $3,552.11 N/A $0.00 72401607 62 $5,036.02 N/A $0.00 72401611 52 $8,744.76 N/A $0.00 72401642 52 $4,033.90 N/A $0.00 72401658 59 $2,405.27 N/A $0.00 72401660 59 $3,533.20 N/A $0.00 72401595A 56 $225.00 N/A $0.00 72401667 56 $0.00 N/A $0.00 72401504B N/A $0.00 $45.00 $0.00 72401552A N/A $0.00 $45.00 $0.00 72401559A N/A $0.00 $45.00 $0.00 72401561A N/A $0.00 $200.00 $0.00 72401568A N/A $0.00 $95.00 $0.00 72401603A N/A $0.00 $300.00 $0.00 72401667A 46 $0.00 N/A $0.00 72401651 N/A $0.00 $4,679.17 $0.00 72401652 25 $0.00 N/A $0.00 72401660A N/A $0.00 $100.00 $0.00 72401694 N/A $0.00 $3,540.60 $0.00 72401696 N/A $0.00 $2,666.43 $0.00 72401667B N/A $0.00 $150.00 $0.00
BUFFALO TOOL TRANSACTION HISTORY — SORTED BY INVOICE DATE JOINT EXHIBIT
INVOICE INVOICE INVOICE F.O.B. CUST. NUMBER DATE TOTAL VALUE CK. AMOUNT OF GOODS NO.
72401704 07/18/95 $2,051.89 $38,041.84 72401582A 07/19/95 $350.00 N/A 72401584A 07/19/95 $400.00 N/A 72401595B 07/19/95 $45.00 N/A 72401606A 07/19/95 $300.00 N/A 72401607A 07/19/95 $250.00 N/A 72401568B 07/20/95 $350.00 N/A 72401706 07/21/95 $2,992.75 $63,181.52 72401724 07/21/95 $1,534.95 $23,035.24 72401724A 07/24/95 $175.00 N/A 72401728 07/26/95 $3,563.26 $48,977.50 72401704A 08/02/95 $300.00 N/A 72401786 08/02/95 $2,845.00 $33,459.48 72401696A 08/03/95 $60.00 N/A 72401748 08/11/95 $1,906.66 $27,496.32 72401760 08/11/95 $6,034.20 $43,521.50 72401800 08/11/95 $2,696.99 $46,635.32 72401802 08/11/95 $1,855.19 $27,308.76 72401804 08/11/95 $2,219.62 $35,866.92 72401728A 08/15/95 $500.00 N/A 72401760A 08/22/95 $115.00 N/A 72401804A 08/22/95 $250.00 N/A 72401861 08/23/95 $1,449.69 $21,229.55 20394 72401802A 08/30/95 $250.00 N/A 20029 72401704A 09/01/95 $45.00 N/A 20034 72401852 09/05/95 $2,935.01 $42,739.83 20029 72401880 09/06/95 $1,780.70 $34,872.12 20029 72401902 09/06/95 $4,617.86 $44,437.01 20029 72401904 09/12/95 $2,256.43 $38,647.77 20034 72401651A 09/28/95 $55.00 N/A 72401800A 09/28/95 $250.00 N/A 20233 72401852A 09/28/95 $40.00 N/A 20233
INVOICE CUST. DATE DATE DATE NUMBER CHECK EXPEDITORS CHECK GOODS DATE DEPOSIT CLEARED CLEARED CUSTOMS
72401704 07/21/95 72401582A N/A 72401584A N/A 72401595B N/A 72401606A N/A 72401607A N/A 72401568B N/A 72401706 07/23/95 72401724 07/20/95 72401724A 10/04/95 N/A 72401728 07/31/95 72401704A N/A 72401786 UNKNOWN 72401696A N/A 72401748 08/10/95 72401760 08/14/95 72401800 08/13/95 72401802 08/20/95 72401804 08/20/95 72401728A N/A 72401760A N/A 72401804A N/A 72401861 10/19/95 10/20/95 10/20/95 08/21/95 72401802A 09/12/95 09/12/95 09/12/95 N/A 72401704A 09/13/95 09/13/95 09/13/95 N/A 72401852 09/12/95 09/12/95 09/12/95 08/27/95 72401880 09/12/95 09/12/95 09/12/95 08/31/95 72401902 09/02/95 09/12/95 09/12/95 09/06/95 72401904 09/13/95 09/13/95 09/13/95 09/10/95 72401651A N/A 72401800A 10/04/95 10/04/95 10/04/95 N/A 72401852A 10/04/95 10/04/95 10/04/95 N/A
INVOICE ELAPSED PREFERENCE USE AS BAL. CLAIM NUMBER TIME CLAIM PER OFF-SET B/F 547(c)(1) B/N INV. COMPLAINT NEW VALUE 547(c)(2) DEPOSIT DEFENSE DEFENSES
72401704 N/A $0.00 $2,051.89 $0.00 72401582A N/A $0.00 $350.00 $0.00 72401584A N/A $0.00 $400.00 $0.00 72401595B N/A $0.00 $45.00 $0.00 72401606A N/A $0.00 $300.00 $0.00 72401607A N/A $0.00 $250.00 $0.00 72401568B N/A $0.00 $350.00 $0.00 72401706 N/A $0.00 $2,992.75 $0.00 72401724 N/A $0.00 $1,534.95 $0.00 72401724A N/A $0.00 $175.00 $0.00 72401728 N/A $0.00 $3,563.26 $0.00 72401704A N/A $0.00 $300.00 $0.00 72401786 N/A $0.00 $2,845.00 $0.00 72401696A N/A $0.00 $60.00 $0.00 72401748 N/A $0.00 $1,906.66 $0.00 72401760 N/A $0.00 $6,034.20 $0.00 72401800 N/A $0.00 $2,696.99 $0.00 72401802 N/A $0.00 $1,855.19 $0.00 72401804 N/A $0.00 $2,219.62 $0.00 72401728A N/A $0.00 $500.00 $0.00 72401760A N/A $0.00 $115.00 $0.00 72401804A N/A $0.00 $250.00 $0.00 72401861 58 $0.00 N/A $0.00 72401802A N/A $0.00 N/A $0.00 72401704A N/A $0.00 N/A $0.00 72401852 N/A $0.00 N/A $0.00 72401880 N/A $0.00 N/A $0.00 72401902 N/A $0.00 N/A $0.00 72401904 N/A $0.00 N/A $0.00 72401651A N/A $0.00 N/A $0.00 72401800A N/A $0.00 N/A $0.00 72401852A N/A $0.00 N/A $0.00
TOTALS $96,797.30 $42,661.71 $54,135.59
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