The spat between the Chicago Board of Trade ( BOT) and the Chicago Board of Options Exchange is heating up.

The CBOT, along with certain exercise rights holders, filed a motion for a partial summary judgment in which the exchange argues that "undisputed facts of the case entitle them to a judgment in their favor." The motion was filed on Thursday in the Delaware Court of Chancery.

Specifically, the motion is looking to bar the CBOE from issuing any stock to its members without allowing exercise right holders to participate equally in that distribution. It is also looking for the court to find that the CBOE "breached its charter" with the CBOT and that CBOE's directors breached their fiduciary obligations to exercise right holders by attempting to extinguish their rights, the CBOT says.

The 158-year-old CBOT, which is in the process of being acquired by the Chicago Mercantile Exchange ( CME), filed a lawsuit last summer so that the CBOE could not limit CBOT members' participation as the exchange went through a demutualization process.

The CBOE intends to complete an initial public offering once the demutualization process is complete. Its main obstacle to completing an IPO is the fact that members of the CBOT, the options exchange's former parent, still hold exercise rights to trade on the CBOE.

The CBOE has been left in the awkward position of being unable to calculate accurately the number of shares that will be rewarded to each membership stake.

The CBOE didn't comment.

Shares of the CBOT rose $1.20 to $165.40.

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