SECURITIES AND EXCHANGE COMMISSION
v.
John Gardner BLACK; Devon Capital Management, Inc.; Financial Management Sciences, Inc., South Butler County School District; Daniel Boone Area School District; Tyrone Area School District; Blacklick Valley School District; Harmony Area School District; Penn Cambria School District; Penns Manor School District; Northern Lebanon School District, Appellants
Bellefonte Area School; Cornwall-lebanon School District; Cumberland Valley; Fleetwood Area School; North Hills School District; Harrisburg Authority; City Of Harrisburg; St Johns Welfare; Lincoln Consolidated School; Nice Community School; Yale Public School; Bradford Regional Medical Center; Ravenswood Hospital Medical Center; University Of Scranton
Penn Manor School District; School District of Lancaster
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued September 14, 1998.
Decided December 17, 1998.
Attorney(s) appearing for the Case
Richard R. Nelson, II (Argued), Cohen & Grigsby, Pittsburgh, PA, for appellants.
Richard A. Finberg, Malakoff, Doyle & Finberg, Pittsburgh, PA, for appellant, South Butler County School District.
David A. Gradwohl, Fox, Rothschild, O'Brien & Frankel, Lansdale, PA, for appellant, Daniel Boone Area School District.
Michael J. Betts, Betts & Perry, Pittsburgh, PA, for appellant, Tyrone Area School District.
James H. McConomy, David G. Oberdick, Titus & McConomy, Pittsburgh, PA, for appellant, Blacklick Valley School District.
Mark A. Rush, Kilpatrick & Lockhart, Pittsburgh, PA, for appellees.
Dennis M. Sheedy (Argued), George M. Medved, Sharon F. DiPaolo, Pepper, Hamilton & Scheetz, Pittsburgh, PA, Attorneys for intervenor-appellee, Richland School District.
Thomas A. French Rhoads & Sinon, Harrisburg, PA, for intervenors-appellees, Bellefonte Area School, Cornwall Lebanon School District, Cumberland Valley, Fleetwood Area School.
Michael J. Witherel, Pittsburgh, PA, Attorney for intervenor-appellee, North Hills School District.
Timothy P. Ryan, Eckert, Seamans, Cherin & Mellott, Pittsburgh, PA, for intervenors-appellees, Harrisburg Authority, City of Harrisburg.
Joseph F. McDonough, Mary-Jo Rebelo, Manion, McDonough & Lucas, Pittsburgh, PA, Attorneys for intervenor-appellee, St. Johns Welfare.
Philip A. Erickson, Thru, Maatsch & Norberg, Lansing, MI, for intervenors-appellees, Lincoln Consoladated School, Nice Community School, Yale Public School.
Alan J. Steinberg, Horty, Springer & Mattern, Pittsburgh, PA, for intervenor-appellee, Bradford Regional Medical Center.
George J. Arnold, Palos Heights, IL, for intervenor-appellee, Ravenswood Hospital Medical.
Charles B. Gibbons, Klett, Lieber, Rooney & Schorling, Pittsburgh, PA, for intervenor-appellee, University of Scranton.
Kevin M. French, Hartman, Underhill & Brubaker, Lancaster, PA, for Amici-appellees, Penn Manor School District, School District of Lancaster.
Before: SLOVITER, ALITO, RENDELL, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
RENDELL, Circuit Judge.
We are asked on this appeal to determine whether the District Court erred in releasing the funds of certain investors from a freeze order entered in the context of receivership proceedings instituted by the Securities and Exchange Commission. Appellants are several Pennsylvania school districts who invested funds with defendants. They contend that the District Court orders of May 11 and May 22, 1998 improperly...
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