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Payments under requirements contract for electricity not preferential

In Lightfoot v. MXEnergy Electric, Inc. (In re MBS Management Services, Inc.), the US Court of Appeals for the Fifth Circuit found that an electricity supply contract constituted a forward contract.  Further, the payments under the contract were found to be settlement payments and not subject to avoidance under the Bankruptcy Code.  A summary and copy of the opinion can be found here.

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