Securities & Exchange Commission v. Securities Northwest, Inc.

I respectfully dissent. In my opinion, Lonergan, because of his status as a stockholder of Securities Northwest, Inc. [the Debtor], possesses the statutory right to be heard in proceedings brought under the Securities Investor Protection Act [SIPA], 15 U.S.C. §§ 78aaa-78111 (1976). I would therefore hold that Lonergan, without doubt, has the requisite standing. After reviewing the merits of his claim, however, I conclude that the decision of the District Court denying relief to Lonergan should be affirmed.

*627I. STANDING

I agree with my Brother Koelsch that Lonergan does not have a sufficiently…