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IN RE LLOYD SECURITIES, INC.

No. 95-1543.

75 F.3d 853 (1996)

IN RE LLOYD SECURITIES, INC., Debtor. Arthur Alperstein, Gloria Bentz, Glorianne Bentz, Herman Berkowitz, Lorraine Berkowitz, James Deamer, Empirical Enterprises, Inc., Kenneth Felzer, Ruth Hoffman, Lloyd Humphrey, Richard Katz, Linda Katz, Harriet Kirsch, John Kochersperger, Alice McCabe, Joseph McGuckin, Phyllis Newcomer, Timothy Nyland, James Nyland, Vernetta Nyland, Larry Rothstein, Faye Rothstein, Dwayne Simpson, Kathryn Simpson, Alan Smith, Estate of Russell Snyder, Michael Soroker, Barbara Soroker, and Bazelon & Less, Appellants.

United States Court of Appeals, Third Circuit.

Decided February 6, 1996.

Attorney(s) appearing for the Case

Richard L. Bazelon (argued), Paul B. Bech, Bazelon & Less, Philadelphia, PA, for Appellants.

Stephen P. Harbeck (argued), Kevin H. Bell, Securities Investor Protection Corporation, Washington, DC, for Appellee Securities Investor.

Warren T. Pratt (argued), David A. Searles, Drinker, Biddle & Reath, Philadelphia, PA, for Appellee Shields.

Before MANSMANN, SCIRICA and NYGAARD, Circuit Judges.

OPINION OF THE COURT

NYGAARD, Circuit Judge.

The customers of a failed securities dealer, Lloyd Securities, Inc., and their attorneys sought fees from the res created by the dealer's liquidation under the Securities Investor Protection Act ("SIPA"). The district court denied the motion for fees, and the customers and attorneys appeal. We will affirm.

I.

The facts of this case are well-stated in the opinions of the district and bankruptcy...

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