Law360, New York ( June 16, 2015, 4:26 PM EDT) -- In its recent decision in Stahl v. Simon (In re Adamson Apparel Inc.), Case No. 12-57059 (May 6, 2015), the Ninth Circuit Court of Appeals addressed an unsettled area of preference law and held that a corporate insider did not have preference liability with respect to a prepetition payment of a loan that the insider guaranteed because the insider had waived indemnification and subrogation rights against the debtor and thus the transfer (i.e., the loan repayment) was not made "to or for the benefit of a creditor" as required by Bankruptcy Code Section 547(b)(1). While the Adamson decision does provide some clarity, at least in the Ninth Circuit, as to the effect of guarantor waivers on preference liability, the court's decision nevertheless leaves a number of important related issues unaddressed....