WHITE v. BOARD OF TRADE OF CITY OF CHICAGO

No. 73-1614.

492 F.2d 871 (1974)

In the Matter of James J. WHITE, Debtor, v. BOARD OF TRADE OF the CITY OF CHICAGO, Appellant.

United States Court of Appeals, Seventh Circuit.

Decided March 1, 1974.


Attorney(s) appearing for the Case

John L. Bordes, Philip F. Johnson, John H. Stassen, Chicago, Ill., for appellant.

Norman H. Nachman, Gerald F. Munitz, Roy D. Grunnet, Chicago, Ill., for debtor.

Before SWYGERT, Chief Judge, and PELL and SPRECHER, Circuit Judges.


SPRECHER, Circuit Judge.

This appeal seeks to determine the right of the debtor's receiver to the proceeds derived from the sale of the debtor's membership in the Board of Trade of the City of Chicago.

I

James J. White, the debtor in possession, was a member of the Chicago Board of Trade from June 20, 1969 to March 24, 1970. White voluntarily sold and transferred his membership to a qualified purchaser on March 24, 1970 for $38,000, which amount...

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