In the Matter of STIRLING HOMEX CORPORATION, Debtor.
Gregory JEZARIAN, Geraldine Jezarian, Lonetown Company, Harry E. Jones, Aleck Goldberg, as Custodian for Mark Goldberg, and Mrs. D. Windsor Dixon, Appellants,
v.
Frank G. RAICHLE, Reorganization Trustee, Lincoln First Bank of Rochester, Chemical Bank, the Chase Manhattan Bank, N. A., the First National Bank of Chicago, Marine Midland Bank, the Travelers Indemnity Company, and the Securities and Exchange Commission, Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued March 20, 1978.
Decided June 19, 1978.
Attorney(s) appearing for the Case
Robert B. Block, New York City (Pomerantz, Levy, Haudek & Block, New York City, of counsel), for appellants Gregory Jezarian, Geraldine Jezarian and Lonetown Company.
I. Walton Bader, New York City (Bader & Bader, New York City, of counsel), for appellant Mrs. D. Windsor Dixon.
Milberg, Weiss, Bershad & Spechtrie, New York City, of counsel, for appellants Harry E. Jones and Aleck Goldberg, as Custodian for Mark Goldberg.
Irving H. Picard, Asst. Gen. Counsel, S. E. C., Washington, D. C. (David Ferber, Sol. to the Commission, S. E. C., Washington, D. C., Marvin E. Jacob, Associate Administrator, S. E. C., New York Regional Office, New York City, of counsel), for appellee Securities and Exchange Commission.
Frank G. Raichle, Buffalo, N. Y. (Byron Johnson, Johnson, Reif & Mulligan, P. C., Rochester, N. Y., of counsel), for trustee-appellee Frank G. Raichle.
Henry L. Goodman, New York City (Zalkin, Rodin & Goodman, Richard S. Toder, Andrew D. Gottfried, New York City, Sherman I. Goldberg, Chicago, Ill., of counsel), for appellees, Chemical Bank and The First National Bank of Chicago.
Alexander C. Cordes, Buffalo, N. Y. (Phillips, Lytle, Hitchcock, Blaine & Huber, Buffalo, N. Y., of counsel), for appellee Marine Midland Bank.
Nixon, Hargrave, Devans & Doyle, Rochester, N. Y., of counsel, for appellee Lincoln First Bank of Rochester.
Milbank, Tweed, Hadley & McCloy, John J. Jerome, Barry G. Radick, Michael J. Levin, Patrick E. Mears, New York City, of counsel, for appellee The Chase Manhattan Bank, N. A.
Brown, Kelly, Turner, Hassett & Leach, Buffalo, N. Y. (Frederick D. Turner, Buffalo, N. Y., of counsel), for appellee The Travelers Indemnity Company.
Before KAUFMAN, Chief Judge, and MULLIGAN and MESKILL, Circuit Judges.
United States Court of Appeals, Second Circuit.
MESKILL, Circuit Judge:
This appeal raises questions concerning the proper status of allegedly defrauded investors in reorganization proceedings under Chapter X of the Bankruptcy Act. The principal issue is whether claims filed by allegedly defrauded stockholders of a debtor corporation should be subordinated to claims filed by that corporation's ordinary unsecured creditors for purposes of formulating a reorganization plan. Judge Harold P. Burke of the United States...
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