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SECURITIES & EXCH. COM'N v. INVESTORS SEC. LEASING

Nos. 78-2112, 78-2111, 78-2112.

610 F.2d 175 (1979)

SECURITIES AND EXCHANGE COMMISSION, James W. Thompson and Helen I. Thompson, Intervening Plaintiffs, William L. Dutter and Patricia R. Dutter, Intervening Plaintiffs, Patricia R. Dutter, Custodian for W. Dean Dutter, Intervening Plaintiff, v. INVESTORS SECURITY LEASING CORPORATION, William H. Brown, Dale R. McDonald, William J. Lynam, Hillard Kreimer, Receiver to collect assets of Investors Security Leasing Corporation v. FIRST NATIONAL BANK AND TRUST CO. OF WASHINGTON, PA. and Equibank N.A., Laurel National Bank, United States National Bank, Johnstown, Pennsylvania, Hillard Kreimer, Receiver for Investors Security Leasing Corporation, Appellant in No. 78-2111. United States National Bank, Johnstown, Pennsylvania, Appellant in

United States Court of Appeals, Third Circuit.

Decided December 6, 1979.

Attorney(s) appearing for the Case

Judith R. Cohn (Argued), Diane J. Sigmund, Wolf, Block, Schorr & Solis-Cohen, Philadelphia, Pa., for appellant and cross-appellee United States Nat. Bank; Marlin B. Stephens, Johnstown, Pa., of counsel.

Alan Z. Lefkowitz (Argued), Kaplan, Finkel, Lefkowitz, Roth & Ostrow, Pittsburgh, Pa., for appellee and cross-appellant Hillard Kreimer, receiver.

Before SEITZ, Chief Judge, ALDISERT, Circuit Judge, and HUYETT, District Judge.

OPINION OF THE COURT

PER CURIAM:

These are appeals by United States National Bank (the Bank) and Hillard Kreimer, the receiver of Investors Security Leasing Corp. (ISLC), challenging a final order of the district court requiring the Bank to return to the "owners" the proceeds from the sale of stock found to have been used as collateral for loans to officers of ISLC.

I.

This court has once before considered the particular issues here in...

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