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IN RE BELL & BECKWITH

No. 86-3178.

821 F.2d 333 (1987)

In re BELL & BECKWITH, Debtors. James L. MURRAY and Phyllis J. Murray, Plaintiffs-Appellees, v. Patrick A. McGRAW, Trustee; Securities Investor Protection Corporation, Defendants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided June 16, 1987.

Attorney(s) appearing for the Case

Thomas L. Dalrymple, Mary Ann Whipple, Fuller & Henry, Toledo, Ohio, Theodore H. Focht (argued) General Counsel for Securities Investor Protection Corp., Stephen P. Harbeck, Washington, D.C., for defendants-appellants.

C. Phillip Baither, III (argued), Robison, Curphey & O'Connell, Toledo, Ohio, for plaintiffs-appellees.

Before JONES and RYAN, Circuit Judges, and CELEBREZZE, Senior Circuit Judge.

RYAN, Circuit Judge.

Appellants are the Securities Investor Protection Corporation (SIPC) and the trustee in bankruptcy (the trustee) of the Toledo, Ohio, brokerage firm of Bell & Beckwith (the debtor). Appellees are a couple, the Murrays, who were customers of the debtor. The sole issue in the case is whether the district court correctly affirmed a bankruptcy court determination that the Murrays had a claim against the bankruptcy estate for stock shares rather...

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