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IN RE COMMERCIAL WESTERN FINANCE CORP.

Nos. 83-1976, 83-1977, 83-2030, 83-2034 and 83-2035.

761 F.2d 1329 (1985)

In re COMMERCIAL WESTERN FINANCE CORPORATION, a California Corporation, Debtor. Bernard J. BRADY and Paul L. Disderdick, Appellants, v. Paul B. ANDREW, Trustee, Appellee. Frank B. AMSBAUGH, et al., Appellants, v. Paul B. ANDREW, Appellee. Bailey TOPLIN, et al., Parties-in-Interest Appellants, v. COMMERCIAL WESTERN FINANCE CORP., Debtor-Appellant. Raymond E. BROOKS, et al., Claimants-Appellants, v. Paul B. ANDREW, Trustee-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided May 23, 1985.

Attorney(s) appearing for the Case

Constance B. Harriman, Sheppard, Mullin, Richter & Hampton, Los Angeles, Cal., Jerome B. Falk, Law Offices of Howard Rice, San Francisco, Cal., for appellants.

Dennis Montali, Michael H. Salinsky, Kathleen Piraino, Pillsbury, Madison & Sutro, San Francisco, Cal., for appellee.

Before DUNIWAY, PREGERSON, and FERGUSON, Circuit Judges.

PREGERSON, Circuit Judge.

FACTS

Commercial Western Finance Corporation (CWF) arranged trust deed investments by soliciting money from individuals ("investors") and lending that money to other entities ("borrowers"). In exchange for the funds from CWF, the borrowers gave CWF promissory notes ("borrower notes") secured by deeds of trust on California real estate ("deeds of trust"). In exchange for the funds from the investors, CWF gave the investors its own...

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