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IN RE AMERICAN CONTINENTAL CORP.

No. 93-16639.

49 F.3d 541 (1995)

In re AMERICAN CONTINENTAL CORPORATION/LINCOLN SAVINGS AND LOAN SECURITIES LITIGATION, FIRST BAPTIST CHURCH OF SANTA ANA, et al., Plaintiffs-Appellees, v. Charles H. KEATING, Jr., Defendant, and First Interstate Bank of California, as Trustee of First Executive Corporation Indemnification Trust, Claimant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided March 2, 1995.

Attorney(s) appearing for the Case

Belinda K. Orem, Paul, Hastings, Janofsky & Walker, Los Angeles, CA, for claimant-appellant.

Susan Illston, Cotchett, Illston & Pitre, Burlingame, CA, for plaintiffs-appellees.

Before: GOODWIN, O'SCANNLAIN, and RYMER, Circuit Judges.

O'SCANNLAIN, Circuit Judge:

We must decide whether a corporation's transfer of stock to a trust in partial satisfaction of the corporation's obligation to fund the trust constitutes a "purchase" and a "sale" under the securities laws.

I

First Executive Corporation Trust ("Trust") seeks to participate in the enormous class action settlement stemming from the American Continental Corporation ("ACC")/Lincoln Savings and Loan Securities litigation. The...

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