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IN RE LELA & CO., INC.

No. 75-2140.

551 F.2d 399 (1977)

In re LELA AND COMPANY, INC., Petitioners, Dr. and Mrs. Rafael Angel Pagan, Intervenors.

United States Court of Appeals, District of Columbia Circuit.

Decided January 6, 1977.

Attorney(s) appearing for the Case

Howard S. Spering, Chevy Chase, Md., for petitioners.

W. H. Beckerleg, Hato Rey, P. R., for intervenors.

Before TAMM, MacKINNON and WILKEY, Circuit Judges.

Opinion for the Court filed by Circuit Judge WILKEY.

WILKEY, Circuit Judge:

The petitioners in this case are thirty-nine parties who invested $146,000 in various limited partnerships that were organized to purchase, hold or operate real estate in Puerto Rico. Without their knowledge or consent, these funds were diverted to the purchase of two parcels of real estate by Lela and Company, Inc., which has become insolvent. In March of 1975 the defrauded investors...

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