S.E.C. v. WENCKE

No. 83-6165.

742 F.2d 1230 (1984)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. Walter WENCKE, et al., Defendants. Palmer York, Jr. and George Croke, Appellants and Real Parties In Interest.

United States Court of Appeals, Ninth Circuit.

Decided September 18, 1984.


Attorney(s) appearing for the Case

Scott Metzger, Michael Duckor, Duckor & Spradling, San Diego, Cal., for plaintiff.

Michael G. Zybala, Michael S. Polan, Law Firm of Alex A. Harper, San Diego, Cal., for defendants.

Before WALLACE, FLETCHER and REINHARDT, Circuit Judges.


FLETCHER, Circuit Judge:

Palmer York, Jr. and George E. Croke appeal the district court's refusal to lift its stay preventing the commencement of their suit against the Wencke receivership. We reverse.

In 1982, Portsmouth Square, Inc. (PSI) sought to remedy its serious financial difficulties by making a deal with Walker Wencke, a self-proclaimed expert on saving financially troubled companies. Wencke, through his company RAMAPO, concluded an agreement with...

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