context: But regardless of what Hanover hoped to eventually receive, what it actually received was only a conditional promise to pay ESA money at some point in the future. Section 547, however, requires that the debtor's receipt of money, goods, services, new credit or property release be substantially contemporaneous with the debtor's payment.
citation_a.signal: cf.
citation_a.parenthetical: discussing "new value" exception to absolute priority rule and stating that "[u]nlike 'money or money's worth,' a promise of future services cannot be exchanged in any market for something of value to the creditors today "
citation_a.sentence: See In re Teligent, Inc., 315 B.R. 308, 317 (Bankr. S.D.N.Y.2004) (explaining that “[a] promise of future services ... does not constitute ‘new value.’”); cf. Norwest Bank Worthington v. Ahlers, 485 U.S. 197, 204, 108 S.Ct. 963, 99 L.Ed.2d 169 (1988) (discussing “new value” exception to absolute priority rule and stating that “[u]nlike ‘money or money’s worth,’ a promise of future services cannot be exchanged in any market for something of value to the creditors today ”).
citation_b.signal: see
citation_b.identifier: 315 B.R. 308, 317
citation_b.parenthetical: explaining that "[a] promise of future services ... does not constitute 'new value.'"
citation_b.sentence: See In re Teligent, Inc., 315 B.R. 308, 317 (Bankr. S.D.N.Y.2004) (explaining that “[a] promise of future services ... does not constitute ‘new value.’”); cf. Norwest Bank Worthington v. Ahlers, 485 U.S. 197, 204, 108 S.Ct. 963, 99 L.Ed.2d 169 (1988) (discussing “new value” exception to absolute priority rule and stating that “[u]nlike ‘money or money’s worth,’ a promise of future services cannot be exchanged in any market for something of value to the creditors today ”).