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PARACOR FINANCE v. GENERAL ELEC. CAPITAL CORP.

No. 94-15633.

96 F.3d 1151 (1996)

PARACOR FINANCE, INC., (fka Elders Finance, Inc.), a New York Corporation; Cargill Financial Services Corporation, a Delaware Corporation; Lutheran Brotherhood, a Minnesota Corporation; Farm Bureau Life Insurance Company, an Iowa Corporation, Plaintiffs-Appellants, v. GENERAL ELECTRIC CAPITAL CORPORATION, a New York Corporation; Jordan D. Schnitzer; Burton A. Burton; Jerry C. Holland, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided March 13, 1996.

As Amended on Denial of Rehearing and Rehearing September 20, 1996.

Attorney(s) appearing for the Case

Michael Traynor, Cooley, Godward, Castro, Huddleson & Tatum, San Francisco, California, for the plaintiffs-appellants.

Robert A. Van Nest and Michael J. Proctor, Keker & Van Nest, San Francisco, California, for defendant-appellee General Electric Capital Corporation.

Robert A. Shlachter, Stoll, Stoll, Berne, Lokting & Schlachter, Portland, Oregon, for defendant-appellee Jordan D. Schnitzer.

Charles D. Chalmers, Skjerven, Morrill, MacPherson, Franklin & Friel, San Francisco, California, for defendant-appellee Burton.

Before FLETCHER, POOLE, and O'SCANNLAIN, Circuit Judges.

As Amended on Denial of Rehearing and Rehearing En Banc September 20, 1996.

O'SCANNLAIN, Circuit Judge:

In reviewing this saga of a debenture offering turned sour, we must decide whether any of the supporting cast on the offeror's side have violated the securities laws. In particular, we must determine whether the lender in a financial transaction should be considered a "controlling person" of its borrower.

I

We begin with the facts that...

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