In the Matter Of: Financial Corporation, Bankrupt, Albert Walters v. Occidental Petroleum Corporation

In this bankruptcy appeal the appellee, Occidental Petroleum. Corporation (hereinafter Occidental), entered into a financial transaction with the bankrupt, Financial Corporation (hereinafter Financial), whereby Occidental purchased $10,000,000 in treasury bills from Financial on or about June 30, 1975. Financial had either an obligation, as claimed by Occidental, or a right, as claimed by the appellant, a creditor of Financial, to repurchase these treasury bills on July 7, 1975, for $10,000,000 plus a $12,-500 buy-back fee. Occidental presented the bills for payment on July 7, 1975, but…