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MATTER OF BEVILL, BRESLER & SCHULMAN, INC.

Civ. No. 85-2224 (DRD), Adv. Nos. 85-0180 (SIPA), 87-530.

94 B.R. 817 (1989)

In the Matter of BEVILL, BRESLER & SCHULMAN, INC., Debtor. Richard W. HILL, Trustee under S.I.P.A. for the liquidation of Bevill, Bresler & Schulman, Inc., Plaintiff, v. SPENCER SAVINGS & LOAN ASSOCIATION, Defendant-third party plaintiff, v. CHASE MANHATTAN BANK-LONDON, Third party Defendant. Richard W. HILL, Plaintiff, v. HAWTHORNE SAVINGS & LOAN ASSOCIATION, Defendant.

United States District Court, D. New Jersey.

As Amended January 13, 1989.

Attorney(s) appearing for the Case

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

Ross & Hardies by Helen Davis Chaitman, Somerset, N.J., for Spencer Sav. & Loan Ass'n and Hawthorne Sav. & Loan Ass'n.

OPINION

DEBEVOISE, District Judge.

NATURE OF THE CASE

This is an adversary proceeding brought by Richard W. Hill, the Trustee of the debtor Bevill, Bresler & Schulman, Inc. ("BBS") under the Securities Investor Protection Act ("SIPA"), against two former customers of BBS, Hawthorne Savings & Loan Association ("Hawthorne") and Spencer Savings & Loan Association ("Spencer"). The Trustee is seeking partial summary judgment pursuant to...

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