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EXCHANGE NATIONAL BANK OF CHICAGO v. WYATT

Nos. 946, 947, Dockets 75-3012, 75-6004.

517 F.2d 453 (1975)

EXCHANGE NATIONAL BANK OF CHICAGO et al., Petitioners, v. Inzer B. WYATT, United States District Judge, Southern District of New York, and Roy Babitt, Bankruptcy Judge, Southern District of New York, Respondents. SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. WEIS SECURITIES, INC., et al., Defendants.

United States Court of Appeals, Second Circuit.

Decided April 24, 1975.

Attorney(s) appearing for the Case

Daniel A. Zimmerman, New York City, for petitioners.

Alan C. Winick, and I. Alan Harris, New York City, of counsel for petitioners Robert E. Slater, All-American Life & Casualty Co., General United Life Ins. Co., and O'Hare International Bank (N.A.).

Alan C. Winick, and Hahn, Hessen, Margolis & Ryan, New York City, of counsel for petitioner Exchange National Bank of Chicago.

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

John S. Allee, New York City (James F. Parver, and Hughes Hubbard & Reed, New York City, of counsel), for respondent trustee for the liquidation of Weis Securities, Inc.

Before FRIENDLY and FEINBERG, Circuit Judges, and LASKER, District Judge.

FRIENDLY, Circuit Judge.

On May 24, 1973, the Securities Investors Protection Corporation (SIPC) filed an application in the District Court for the Southern District of New York, pursuant to § 5(a)(2) of the Securities Investor Protection Act (SIPA), 84 Stat. 1636 (1970). SIPC asked the court to adjudicate under § 5(b)(1) that customers of Weis Securities, Inc. (Weis), a brokerdealer registered with the SEC, were in need of the protection afforded by SIPA...

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