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S.E.C. v. WENCKE

No. 83-6469.

783 F.2d 829 (1986)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. Walter WENCKE, et al., Defendants. Theodore deLUSIGNAN, Movant-Appellant, v. R.N. GOULD, Receiver-Trustee, Appellee.

United States Court of Appeals, Ninth Circuit.

Decided February 19, 1986.

Attorney(s) appearing for the Case

Procopio, Cory, Hargreaves & Savitch, Michael J. Radford, San Diego, Cal., for movant-appellant.

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

Before WALLACE, FLETCHER and REINHARDT, Circuit Judges.

FLETCHER, Circuit Judge:

Theodore deLusignan appeals from a post-judgment order by the district court requiring Ramapo Corporation ("Ramapo"), in which he is a 25% stockholder, to disgorge 401,351 shares of Portsmouth Square, Inc. ("PSI") and the profits it derived from those shares. The district court issued its order following judgment in a securities fraud action brought by the Securities and Exchange Commission (SEC) against Walter Wencke, who had diverted

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