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SEC. AND EXCH. COM'N v. AMBASSADOR CHURCH, ETC.

No. 81-5123.

679 F.2d 608 (1982)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. AMBASSADOR CHURCH FINANCE/DEVELOPMENT GROUP, INC., et al., Defendants. SECURITIES INVESTOR PROTECTION CORPORATION and Fred D. Bryan, Trustee, Applicants-Appellants, v. PINE STREET BAPTIST CHURCH, Claimant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided May 27, 1982.

Attorney(s) appearing for the Case

Theodore H. Focht, Gen. Counsel, Securities Investor Protection, Washington, D. C., H. Lee Barfield, II, Leigh W. Davidson, Bass, Berry & Sims, Nashville, Tenn., for applicants-appellants.

Robert D. Tuke, Daniel W. Small, Farris, Warfield & Kanaday, Nashville, Tenn., for claimant-appellee.

Before LIVELY and MERRITT, Circuit Judges, and WEICK, Senior Circuit Judge.

LIVELY, Circuit Judge.

This case arose under the Securities Investor Protection Act of 1970, P.L. 91-598, codified at 15 U.S.C. § 78aaa et seq. (The Act);1 which, inter alia, provides a plan for the liquidation of failed and failing brokers and dealers in securities. The specific question to be answered in this case is whether, under the Act, an issuer of securities may ever...

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