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IN RE THOMSON McKINNON SECURITIES, INC.

Bankruptcy Nos. 90 B 10914 (JJC), 90 B 11805 (JJC) and 90 B 13820 (JJC).

191 B.R. 976 (1996)

In re THOMSON McKINNON SECURITIES, INC., Thomson McKinnon Inc. and Realty International Corporation, Irene Robbins and Bert Shepherd, Trustees of the Davis Robbins Family Trust and the Davis Robbins Marital Trust, Debtors.

United States Bankruptcy Court, S.D. New York.

January 31, 1996.

Attorney(s) appearing for the Case

Donald G. McCabe, New York City, for Thomson McKinnon Securities, Inc.

Robert B. Eubank, Birmingham, AL, for claimants Irene Robbins and Bert Shepherd.

Norma Ortiz, Office of the United States Trustee, New York City.

DECISION ON ESTIMATION OF CLAIMS

JOHN J. CONNELLY, Bankruptcy Judge.

Irene Robbins and Bert Shepherd ("Trustees" or "claimants") filed proofs of claims against Thomson McKinnon Securities, Inc. ("TMSI"), alleging churning of two separate brokerage accounts. Trustees base their claims on Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. § 78j(b) and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, and...

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