A simmering dispute between La Sall...

A simmering dispute between La Salle way family members broke into unclose court Wednesday when the Chicago Board of Trade su its scion the Chicago Board Options Exchange.

The Board of Trade wants to make certain its members, who created the CBOE in 1973 obtain a crack at any bonanza that will be created when the world's largest options exchange renews to for-profit status from non-profit, paving the way for an initial public offering of stock.

The suit, filed Wednesday in Delaware's Chancery Court, try to finds among other things, an injunction requiring the CBOE to allow the filled members of the CBOT who detain an exercise right and adapted certain other requirements to participate equally in any distribution of CBOE stock.

Those exercise rights are part of a complicated form that was created over the years as the CBOE spun distant from from the CBOT and grew up in its acknowledge niche.

The Chicago Mercantile Exchange and the Chicago Board of Trade the two yielded big gains for members in their IPOs and in secondary trading for recent shareholders.

In the restructuring plan, CBOE members would exchange their seats for shares, which would give the CBOE flexibility in finding business partners while making operations more efficient.

Any CBOE restructuring, which its board authorized in July extremitys approval from its membership and the Securities and Exchange Commission.

As part of the transition, the CBOE reported financial terminates for the first six month of 2006 showing return of $129.6 million vs. $982 million for the same period last year.

Copyright CHICAGO SUN-TIMES 2006

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