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MATTER OF COMMODITY MERCHANTS, INC.

No. 75-2114.

538 F.2d 1260 (1976)

In the Matter of COMMODITY MERCHANTS, INC., Bankrupt. Harper C. ALLAN, as Trustee in Bankruptcy, Plaintiff-Appellant, v. ARCHER-DANIELS-MIDLAND CO., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 16, 1976.

Attorney(s) appearing for the Case

James L. Magill, Springfield, Ill., for plaintiff-appellant.

Bret S. Babcock, Peoria, Ill., for defendant-appellee.

Before CUMMINGS and BAUER, Circuit Judges, and JAMESON, Senior District Judge.

CUMMINGS, Circuit Judge.

Both the defendant, Archer-Daniels-Midland Co., Inc. (ADM), and the bankrupt, Commodity Merchants, Inc. (CMI), were active participants in the business of trading commodities futures. This case involves ADM's claim against the bankruptcy estate of CMI and a counterclaim by its trustee against ADM arising from the cancellation of various commodities contracts between the parties. Prior to CMI's bankruptcy, ADM and CMI engaged in commodities...

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