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IN RE TRACY BROADCASTING CORP.

No. 11-1453.

696 F.3d 1051 (2012)

In re TRACY BROADCASTING CORPORATION, Debtor, Valley Bank and Trust Company, Appellant, v. Spectrum Scan, LLC; Joli A. Lofstedt, Chapter 11 Trustee, Appellees.

United States Court of Appeals, Tenth Circuit.

October 16, 2012.

Attorney(s) appearing for the Case

Donald D. Allen (Devi C. Yorty and James T. Markus, with him on the briefs), Markus Williams Young & Zimmermann LLC, Denver, CO, for Appellant.

Christian Onsager, Onsager, Staelin & Guyerson LLC, Denver, CO, (J. Brian Fletcher, Andrew D. Johnson, Onsager, Staelin & Guyerson LLC; John H. Bernstein, Jeremy D. Peck, Kutak Rock LLP, Denver, CO, and David M. Cantor, Seiller Waterman LLC, Louisville, KY, with him on the brief), for Appellees.

Before MURPHY, HARTZ, and TYMKOVICH, Circuit Judges.

HARTZ, Circuit Judge.

Does a creditor with a security interest in the general intangibles (and their proceeds) of a federally licensed broadcasting company have a priority over unsecured creditors in the proceeds of the sale of the license after the company declares bankruptcy? The bankruptcy court and the district court held that it did not. We respectfully disagree. Federal law permits a licensee to grant a security interest in the economic value of its license...

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