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CFTC v. HERITAGE CAPITAL ADVISORY SERVICES, LTD.

No. 86-2763.

823 F.2d 171 (1987)

COMMODITY FUTURES TRADING COMMISSION, et al., Plaintiffs, v. HERITAGE CAPITAL ADVISORY SERVICES, LTD., et al., Defendants. SAELENS BEVERAGES, INC., Claimant-Appellant, v. Dennis M. O'DEA, Equity Receiver of Heritage Capital Advisory Services, Ltd., Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 22, 1987.

Rehearing Denied August 26, 1987.

Attorney(s) appearing for the Case

Burrel Barash, Barash, Steorzbach & Henson, P.C., Galesburg, Ill., for claimant-appellant.

Dennis M. O'Dea, Keck, Mahin & Cate, Chicago, Ill., for defendant-appellee.

Before BAUER, Chief Judge, FLAUM, Circuit Judge, and ESCHBACH, Senior Circuit Judge.

BAUER, Chief Judge.

In the receivership proceeding below, Saelens Beverage, Inc. ("Saelens"), an investor with Heritage Capital Advisory Services ("HCAS"), asserted a priority interest in the assets of HCAS. The receiver objected to the claim for priority and the district court entered summary judgment against Saelens, denying its claim for priority. This appeal followed. For the reasons outlined below, we affirm.

I.

Saelens Beverages, Inc. was one...

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