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SECURITIES INVESTOR PROTECT. CORP. v. AMBASSADOR CHURCH FINANCE/DEVELOPMENT GROUP, INC.

Nos. 85-5132, 85-5133.

788 F.2d 1208 (1986)

SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff, v. AMBASSADOR CHURCH FINANCE/DEVELOPMENT GROUP, INC., Defendant, SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. AMBASSADOR CHURCH FINANCE/DEVELOPMENT GROUP, INC. and Henry C. Atkeison, Jr., Defendants, PINE STREET BAPTIST CHURCH, First Church of the Nazarene, Randall Memorial Free Will Baptist Church, Fairwinds Baptist Church, Southmoor Baptist Church, Westwood Baptist Church, West Gate Baptist Church, First Church of God, First Missionary Baptist Church, Christian Schools, Inc. d/b/a Good Pasture Christian Schools, and Theatre Nashville, Inc., Claimants-Appellees, v. SECURITIES INVESTOR PROTECTION CORPORATION, Defendant-Appellant, Fred D. Bryan, Trustee-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided April 23, 1986.

Attorney(s) appearing for the Case

Theodore H. Focht, Washington, D.C., Stephen Harbeck (argued), for defendant-appellant.

Julie N. Jones, L. Wearen Hughes (argued), Nashville, Tenn., for Fred D. Bryan.

Frank C. Ingraham, David S. Zinn, Bradley A. MacLean (argued), Robert D. Tuke, Farris, Warfield & Kanaday, Nashville, Tenn., for West Gate Baptist Church.

Seymour Samuels, Jr., Nashville, Tenn., for Theatre Nashville, Inc.

Before: KENNEDY and RYAN, Circuit Judges, and CELEBREZZE, Senior Circuit Judge.

CORNELIA G. KENNEDY, Circuit Judge.

This case arises out of the liquidation of Ambassador Church Finance/Development Group, Inc. ("Ambassador") under the Securities Investor Protection Act of 1970 ("SIPA"), as amended, 15 U.S.C. §§ 78aaa-78lll.1 The SIPA created defendant-appellant, Securities Investor Protection Corporation ("SIPC"), and established the "SIPC Fund" to provide for the orderly liquidation of failed securities...

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