JOHNSON, Circuit Judge:
Max Wider (Wider) appeals the district court's affirmance of a judgment of the bankruptcy court in favor of Dale Wootton (Wootton), trustee of the bankruptcy estate of Ronald Cohen (Cohen). The bankruptcy court ruled that Cohen's estate could avoid certain payments made to Wider as preferential transfers under 11 U.S.C. § 547. On appeal, Wider argued that he was protected from the trustee's avoidance power by the "stockbroker defense"...
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