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IN RE GRANITE PARTNERS, L.P.

Bankruptcy Nos. 94 B 41683(SMB), 94 B 41684(SMB), and 94 B 41685(SMB).

208 B.R. 332 (1997)

In re GRANITE PARTNERS, L.P., Granite Corporation, and Quartz Hedge Fund, Debtors.

United States Bankruptcy Court, S.D. New York.

May 14, 1997.

Attorney(s) appearing for the Case

Willkie Farr & Gallagher, New York City (Benito Romano, John R. Oller, of counsel), for Chapter 11 Trustee.

Berlack, Israels & Liberman, L.L.P., New York City (Steven E. Greenbaum, Edward S. Weisfelner, of counsel), for Unofficial Investors' Committee.

Gold Bennett & Cera, L.L.P., San Francisco, CA (Solomon B. Cera, Susan D. Resley, of counsel), Bernstein Litowitz Berger & Grossmann, L.L.P., New York City (Jeffrey A. Klafter, Robert S. Gans, of counsel), for Primavera Familienstiftung and Hubert Looser.

Cleary Gottlieb Steen & Hamilton, New York City (Thomas J. Moloney, Mitchell A. Lowenthal, Robin A. Henry, Carmine D. Boccuzzi, Jr., of counsel), for Kidder Peabody & Co., Inc.

Morgan, Lewis & Bockius, L.L.P., New York City (Gary G. Staab, Catherine A. Ludden, Gerald M. Freedman, of counsel), for Donaldson, Lufkin & Jenrette Securities Corporation.

MEMORANDUM DECISION AND ORDER SUBORDINATING INVESTORS' CLAIMS UNDER 11 U.S.C. § 510(b)

STUART M. BERNSTEIN, Bankruptcy Judge.

Section 510(b) of the Bankruptcy Code mandates subordination of damage claims "arising from the purchase or sale" of a security of the debtor.1 Many of the debtors' shareholders and limited partners filed damage claims in these cases charging a variety of wrongs covering an extended period of

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