The bankruptcy court granted judgment in favor of chapter 11 trustee, concluding that debtors had made several preferential and fraudulent transfers to defendant. The sole issue on appeal was whether defendant's investments in a diamond and gold exchange should be considered value given to debtor clearinghouses, based on identity of interest between the exchange and debtors. The district court affirmed the bankruptcy court's judgment, concluding that there was no evidence that investments in the exchange constituted value and consideration for transfers made by debtor clearinghouses.