Mike Has a Retail Jewelry Business That Caters to Very

Mike has a retail jewelry business that caters to very wealthy clients.Mike has always been very slow in paying his suppliers because he figured that he might as well use their money interest-free as long as possible.Because Mike purchases large amounts from these suppliers,they grudgingly accepted his slow payment.With his regular customers,Mike was very generous,often giving them gifts that were lavish by most standards.But Mike viewed a gift of a piece of jewelry worth a few thousand as small because these customers often spent well over $100,000 in a year and Mike's cost for these gifts was much less than the retail value.In 2001,Mike's business suddenly dropped sharply.In September,he made three gifts of jewelry worth $4,000 each to his three best customers.In addition,he paid $70,000 to his favorite supplier.Of this amount,$20,000 was for a purchase at the end of August,$10,000 for an item delivered when Mike made payment,and the other $40,000 was from a June purchase.Mike's jewelry business filed bankruptcy on October 1,2001.Can the trustee recover the gifts made to his customers and the payment to his favorite supplier?