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IN RE SECURITIES GROUP 1980

No. 94-2858.

74 F.3d 1103 (1996)

In re The SECURITIES GROUP 1980, et al., Debtors. DAYTON SECURITIES ASSOCIATES, et al., Plaintiffs-Appellants, Beatrice Cookson, Plaintiff-Appellant, v. SECURITIES GROUP 1980; Richard Seth Staley, Defendants, Louis Lowin, Trustee for the Securities Group 1980; The Monetary Group; The Securities Group, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

February 12, 1996.

Attorney(s) appearing for the Case

Robert L. Young, Orlando, FL, Philip A. Kantor, New York City, Roy Babitt, New York City, Ira Rubin, Dayton, OH, for Dayton Securities Associates, et al.

George E. Ridge, Jacksonville, FL, for Appellees.

Hollis F. Russell, Palm Beach, FL, for B. Cookson.

Edwin C. Schreiber, Encino, CA, for R.S. Staley.

Tom J. Ferber, New York City, for J & J Investors.

David Dunn, New York City, for J.J. McMullen, et al.

Before ANDERSON and CARNES, Circuit Judges, and OWENS, Senior District Judge.

ANDERSON, Circuit Judge:

The former limited partners of three limited partnerships appeal the district court's affirmance of two decisions of the bankruptcy court.1 For the reasons set forth in this opinion, we affirm in part, vacate in part, and remand for further proceedings.

I. BACKGROUND

A. Facts

The appellants are former limited partners in three New York limited partnerships: The Securities Group...

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