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IN RE GRAFTON PARTNERS

BAP No. SC-04-1028-KMOS. Bankruptcy No. 01-10606-H7. Adversary No. 02-90555.

321 B.R. 527 (2005)

In re GRAFTON PARTNERS, L.P., a California Limited Partnership, and its Affiliates, Debtors. Richard M. Kipperman, Chapter 7 Trustee, Appellant, v. Circle Trust F.B.O., Michele Montano, n/k/a Circle Trust, Trustee for The Stable Value Fund, Appellee.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Filed February 17, 2005.

Attorney(s) appearing for the Case

Ali M.M. Mojdehi, Baker & McKenzie, San Diego, CA, for Richard M. Kipperman, Chapter 7 Trustee.

Margaret M. Mann, Heller, Ehrman, White & McAuliffe, San Diego, CA, for Circle Trust F.B.O. Michelle Montano, nka Circle Trust, Trustee for the Stable Value Fund.

Before: KLEIN, MONTALI, and SMITH, Bankruptcy Judges.

OPINION

KLEIN, Bankruptcy Judge.

The federal securities laws intersect with the Bankruptcy Code in this appeal arising from a "Ponzi scheme" that collapsed into federal criminal prosecutions and bankruptcy.

The essential question is whether nonpublic transactions in illegally unregistered securities can be the subject of "settlement payments" that are "commonly used in the securities trade" within the meaning of 11

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