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S.E.C. v. TOWERS FINANCIAL CORP.

No. 93 Civ. 0744 (WK) (AJP).

205 B.R. 27 (1997)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. TOWERS FINANCIAL CORPORATION, et al., Defendants.

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

January 22, 1997.

Attorney(s) appearing for the Case

Dorothy Heyl, Securities and Exchange Com'n, New York City, for plaintiff.

William B. Fleming, White Plains, NY, for defendants.

OPINION AND ORDER

PECK, United States Magistrate Judge:

The issue before the Court is whether the SEC's action against defendant Mitchell Brater is automatically stayed by his filing for bankruptcy protection. For the reasons set forth below, the Court holds that the SEC's action is exempted by 11 U.S.C. § 362(b)(4) from the automatic stay provided by section 362(a)(1) of the Bankruptcy Code.

FACTS

The SEC's action against...

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