Hill v. Spencer Savings & Loan Ass'n (In Re Bevill, Bresler & Schulman, Inc.)
District Court, D. New Jersey
1Opinion of the Court
OPINION
DEBEVOISE, District Judge:
I. INTRODUCTION
On April 8, 1985, the Securities & Exchange Commission (“SEC”) filed a complaint against, inter alia, Bevill, Bresler & Schulman Inc. (“BBS”). On April 10, 1985, this court appointed Richard Hill, Esq. a temporary receiver for BBS. The temporary receiver took control of all securities still in the actual or constructive possession of BBS.
On May 2, 1985, an involuntary bankruptcy petition was filed against BBS. On May 6, 1985 the Securities Investor Protection Corporation (“SIPC”) filed an application for a protective decree pursuant to 15 U.S.C.…
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