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MATTER OF BEVILL, BRESLER & SCHULMAN, INC.

Civ. A. No. 85-2224, Bankruptcy No. 85-0180(SIPA), Adv. Nos. 87-530, 87-532 and 87-536.

83 B.R. 880 (1988)

In the Matter of BEVILL, BRESLER & SCHULMAN, INC., Debtor (Three Cases). Richard W. HILL, Trustee under the Securities Investor Protection Act for the liquidation of Bevill, Bresler & Schulman, Inc., Plaintiff, v. SPENCER SAVINGS & LOAN ASSOCIATION, a New Jersey state chartered savings institution, and XYZ Co. (said name being fictitious), Defendant-Third Party Plaintiff, v. CHASE MANHATTAN BANK—LONDON DIVISION, Third Party Defendant. Richard W. HILL, Trustee under the Securities Investor Protection Act for the liquidation of Bevill, Bresler & Schulman, Inc., Plaintiff, v. FIRST NATIONAL BANK OF SKOKIE, a national bank, and XYZ Co. (said name being fictitious), Defendant. Richard W. HILL, Trustee under the Securities Investor Protection Act for the liquidation of Bevill, Bresler & Schulman, Inc., Plaintiff, v. HAWTHORNE SAVINGS & LOAN ASSOCIATION, a California state chartered savings institution, and XYZ Co., (said name being fictitious), Defendant.

United States District Court, D. New Jersey.

March 15, 1988.

Attorney(s) appearing for the Case

McCarter & English by Hayden Smith, Jr. and Joseph Lubertazzi, Jr., Newark, N.J., for Richard W. Hill, trustee under the Securities Investor Protection Act for the liquidation of Bevill, Bresler & Schulman, Inc., William H. Horton, of counsel.

Securities Investor Protection Corp. by Theodore H. Focht, Gen. Counsel, Washington, D.C. (Michael E. Don, Deputy Gen. Counsel, Josephine Wang, Asst. Gen. Counsel, of counsel).

Ross & Hardies by Helen Davis Chaitman, Somerset, N.J., and Ross & Hardies by Janet S. Baer, Donald C. Pasulka, Chicago, Ill., for Spencer Sav. & Loan Ass'n and Hawthorne Sav. & Loan Ass'n.

Sonnenschein, Carlin, Nath & Rosenthal, by Harold C. Hirshman, Jacob I. Corre, Chicago, Ill., for First Nat. Bank of Skokie.

OPINION

DEBEVOISE, District Judge:

I. INTRODUCTION

On April 8, 1985, the Securities & Exchange Commission ("SEC") filed a complaint against, inter alia, Bevill, Bresler & Schulman Inc. ("BBS"). On April 10, 1985, this court appointed Richard Hill, Esq. a temporary receiver for BBS. The temporary receiver took control of all securities still in the actual or constructive possession of BBS.

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