In the Matter of ENERGY COOPERATIVE, INC., a Delaware Corporation, Bankrupt-Appellant

CUDAHY, Circuit Judge.

Energy Cooperative, Inc. (“ECI”) appeals the dismissal of its suit against Phillips Petroleum Company (“Phillips”) to recover more than $7.3 million which ECI claims is a voidable preference under section 547(b) of the Bankruptcy Code. 11 U.S.C. § 547(b) (1982). We conclude that this cause of action is barred by res judicata and accordingly affirm the decision of the district court.

I

ECI operated a petroleum refinery in East Chicago, Indiana. In the course of its business, ECI traded petroleum products pursuant to “exchange agreements” with other oil companies, including…