IN RE CONTINENTAL INV. CORP.

No. 80-1248.

637 F.2d 8 (1980)

In re CONTINENTAL INVESTMENT CORPORATION, Debtor, Monte J. Wallace and Neil W. Wallace, Appellants.

United States Court of Appeals, First Circuit.

Decided December 5, 1980.


Attorney(s) appearing for the Case

William F. Macauley, Boston, Mass., with whom Joanne M. Neale and Craig & Macauley, Boston, Mass., were on brief, for appellants Monte J. Wallace and Neil W. Wallace.

Carl K. King, Boston, Mass., with whom Daniel M. Glosband, Rosemarie Sbaratta, and Goldstein & Manello, Boston, Mass., were on brief, for appellee Paul Lazzaro, Trustee.

Richard L. Bond, New York City, with whom Stephen B. Camhi, Maura Wogen, Marshall, Bratter, Greene, Allison & Tucker, New York City, Jack R. Pirozzolo, and Willcox, Pirozzolo & McCarthy, Boston, Mass., were on brief, for appellee Drexel Burnham Lambert Incorporated.

Alan L. Lefkowitz, Boston, Mass., with whom James D. McGinley, and Gaston Snow & Ely Bartlett, Boston, Mass., were on brief, for appellee Dort A. Cameron, III.

Martin I. Klein, New York City, with whom Robin A. Levitt, and Dreyer & Traub, New York City, were on brief, for appellees Lowell J. Milken, et al.

Lawrence G. Cetrulo, Boston, Mass., with whom Thomas D. Burns, and Burns & Levinson, Boston, Mass., were on brief, for appellees David C. Brown, Jr., et al.

Before COFFIN, Chief Judge, CAMPBELL, Circuit Judge, PELL, Circuit Judge.


COFFIN, Chief Judge.

This appeal is the third we have decided to date arising from these yet-uncompleted bankruptcy proceedings. Each has been instituted by these appellants, the majority shareholders in the bankrupt Continental Investment Corporation. The appeal presents a single, simple issue: whether the district court abused its discretion in approving a compromise settlement of an adversary proceeding brought by the bankrupt's trustee. We find that it did not...

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