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MATTER OF PARAGON SECURITIES CO.

No. 78-2127.

599 F.2d 551 (1979)

In the Matter of PARAGON SECURITIES COMPANY, a New Jersey Corporation, Paragon Securities Company of New York, a New York Corporation, Municiplex Funding, Inc., a New Jersey Corporation, Paragon Life Agency, Inc., a New Jersey Corporation, Paragon Insurance Agency, a New Jersey Corporation, Nelson Stousland School, Inc., a New Jersey Corporation, and Paragon Securities Company of Florida, a Florida Corporation, Bankrupts, Pearl Levine, Appellant.

United States Court of Appeals, Third Circuit.

Decided May 18, 1979.

Attorney(s) appearing for the Case

Garrett M. Heher (argued), Steven R. Lane, Ann Reichelderfer, Smith, Stratton, Wise & Heher, Princeton, N. J., for appellant.

Frank J. Vecchione (argued), Crummy, DelDeo, Dolan & Purcell, Newark, N. J., for appellee.

Before ROSENN, Van DUSEN, and GARTH, Circuit Judges.

OPINION OF THE COURT

ROSENN, Circuit Judge.

This appeal concerns the recurring and difficult question of ownership of negotiable securities found in the control of a stockbroker upon his insolvency. The problem arises out of the practice of brokerage houses engaged in securities trading and underwriting to carry on their extensive business activities not only with their own funds but also with borrowed money collateralized...

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