On January 23, 2009, the U.S. Bankruptcy Court for the District of Maine issued a judgment in favor of MCM client Northeast Bank ruling that the Bank’s lien in certain construction and logging equipment owned by a Chapter 7 debtor was superior in priority to a lien asserted by another secured creditor, Caterpillar Financial Services, Inc. In its decision, the Bankruptcy Court accepted MCM’s argument that the sale of the logging equipment was consummated more than twenty-days before Caterpillar perfected its lien, thereby precluding Caterpillar from establishing a first-priority, purchase money security interest in the equipment.