In the Matter of WEIS SECURITIES, INC., Debtor.
George D. ALDRICH, H. Wallace Cohu, John De Braganca, James J. Higginson, Grace Cutting McGrath, Grace M. McGrath, Craig K. Mitchell, Eugene W. Stetson, Jr., Jean M. Winslow, Samuel Winslow, Estate of Phillip D. Holden, deceased, Fidelity Corp., General United Life Insurance Co., All American Life & Casualty Co., Robert Slater, Eva Grossman, Arthur Kreizel, and Weis, Voisin & Co., Inc. Employees' Profit-Sharing Plan and Trust, Claimants-Appellants,
v.
Edward S. REDINGTON, Trustee, and Securities Investor Protection Corporation, Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued October 21, 1977.
Decided June 12, 1978.
Attorney(s) appearing for the Case
Thomas P. Luning, Chicago, Ill. (Lawrence Block, Carl A. Royal, and Schiff, Hardin & Waite, Chicago, Ill., and Alan C. Winick, New York City, on the brief), for appellants All American Life & Casualty Co., General United Life Insurance Co., and Robert Slater.
Fred F. Herzog, Sp. Asst. Atty. Gen., State of Illinois, Chicago, Ill. (Mary F. Stafford and Robert G. Epsteen, Asst. Attys. Gen., State of Illinois, Chicago, Ill., on the brief), for appellant Eva Grossman.
James B. Kobak, Jr., New York City (James W. Giddens, David W. Wiltenburg, and Hughes, Hubbard & Reed, New York City, on the brief), for appellee Edward S. Redington, Trustee.
Paul Gonson, Associate Gen. Counsel, Securities and Exchange Commission, Washington, D. C. (Harvey L. Pitt, Gen. Counsel, Irving H. Picard, Asst. Gen. Counsel, Sue E. Auerbach and Angela M. Desmond, Attys., Securities and Exchange Commission, Washington, D. C., on the brief), for appellee Securities and Exchange Commission.
Theodore H. Focht, Gen. Counsel, Securities Investor Protection Corp., Washington, D. C. (Wilfred R. Caron, Associate Gen. Counsel, and Michael E. Don, Senior Atty., Washington, D. C., on the brief), for appellee Securities Investor Protection Corporation.
Milbank, Tweed, Hadley & McCloy, Russell E. Brooks, Richard C. Tufaro, and Samuel H. Gillespie, III, New York City, filed a brief for New York Stock Exchange, Inc., amicus curiae, in support of Trustee.
Patterson, Belknap, Webb & Tyler, Arthur H. Kroll, Yale D. Tauber, and D. Robert Owen, New York City, filed a brief for appellant Weis, Voisin & Co., Inc. Employees' Profit-Sharing Plan and Trust.
Baer, Marks & Upham, Robert K. Ruskin, and Jeffrey L. Liddle, New York City, filed a brief for appellant Fidelity Corp.
Before WATERMAN, MULLIGAN and TIMBERS, Circuit Judges.
United States Court of Appeals, Second Circuit.
TIMBERS, Circuit Judge:
The chief question presented on this appeal is whether the claims of certain subordinated lenders to a broker-dealer now in liquidation should be enforced in accordance with the subordination agreements to which the lenders were parties, regardless of whether customers of the broker-dealer could show reliance on the subordination agreements. We hold that such subordination agreements must be enforced in accordance with their terms...
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