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SECURITIES & EXCHANGE COM'N v. PACKER, WILBUR

No. 550, Docket 73-2294.

498 F.2d 978 (1974)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Securities Investor Protection Corporation, Applicant-Respondent, v. PACKER, WILBUR & CO., INC., et al., Defendants.

United States Court of Appeals, Second Circuit.

Decided May 31, 1974.

Attorney(s) appearing for the Case

Edward J. Boyle, New York City (W. Foster Wollen, Shearman & Sterling, New York City, of counsel), for claimant-appellant Coggeshall & Hicks, Inc.

Martin R. Gold, New York City (Eric Bregman, Gold, Farrell & Marks, New York City, of counsel), for appellee, trustee for Packer, Wilbur & Co., Inc.

Michael E. Don, Washington, D. C. (Theodore H. Focht, Gen. Counsel, Wilfred R. Caron, Associate Gen. Counsel, Securities Investor Protection Corp., Washington, D. C., of counsel), for appellee Securities Investor Protection Corp.

Before MOORE, MANSFIELD and OAKES, Circuit Judges.

MANSFIELD, Circuit Judge:

The failure of a business is an unhappy event for debtor and creditor alike. When the bankrupt is one of the pillars of the financial community, a brokerage firm long identified in the popular mind with stability and redoubtable finance the failure can produce a tremor in financial circles throughout the nation. The near collapse in 1969 of Hayden Stone and the rumors of impending failures of other brokerage houses cast a pall over Wall Street...

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