IN RE CONTINENTAL INV. CORP.

Nos. 78-1204, 78-1205 and 78-1238.

586 F.2d 241 (1978)

In re CONTINENTAL INVESTMENT CORPORATION, Debtor. Monte J. WALLACE and Neil W. Wallace, Continental Investment Corporation, and Creditors' Committee, Appellants, v. SECURITIES AND EXCHANGE COMMISSION, Appellee.

United States Court of Appeals, First Circuit.

Decided October 27, 1978.

As Amended October 31, 1978.


Attorney(s) appearing for the Case

Charles P. Normandin, Boston, Mass., with whom Richard W. Southgate, H. Reed Witherby, and Ropes & Gray, Boston, Mass., were on brief, for Continental Inv. Corp.

Frederick G. Fisher, Jr., Boston, Mass., with whom Hale & Dorr, Boston, Mass., was on brief, for Creditors Committee.

Arthur F. Mathews, Washington, D.C., with whom Irving Widett, Stephen F. Gordon, Widett, Widett, Slater & Goldman, Boston, Mass., P. C., Michael R. Klein, Alexander F. Wiles, and Wilmer, Cutler & Pickering, Washington, D.C., were on brief, for Monte J. Wallace and Neil W. Wallace, intervenors.

David Ferber, Sol. to the Commission, Washington, D.C., with whom Marvin E. Jacob, Associate Administrator, Jerome Feller, Sp. Counsel, Philip M. Mandel, Sp. Counsel, New York City, and Irving H. Picard, Asst. Gen. Counsel, Washington, D.C., were on brief, for Securities and Exchange Commission.

Before COFFIN, Chief Judge, CAMPBELL and BOWNES, Circuit Judges.


COFFIN, Chief Judge.

The debtor, Continental Investment Corporation (CIC), a committee of its creditors, see 11 U.S.C. § 738, and the debtor's principal stockholders have appealed from the decision of the district court granting a motion by the Securities and Exchange Commission (SEC) to transfer proceedings from Chapter XI to Chapter X of the Bankruptcy Act pursuant to 11 U.S.C. § 728.1 We are required to explore the...

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