H. Kook & Co., Inc. And Andrew L. Wormser v. Scheinman, Hochstin & Trotta, Inc.

IRVING R. KAUFMAN, Circuit Judge:

In this day when the operations of the securities market and decisions concerning those operations have created an ever-widening circle of collateral problems, we are asked to determine what effect is to be given options to buy or sell a particular stock when, after the option has been written, but before it is exercised, the Securities and Exchange Commission suspends trading in the security. Plaintiffs H. Kook & Co. (Kook) and Andrew L. Wormser (Wormser) appeal from Judge McLean’s order granting summary judgment in favor of defendant Scheinman, Hochstin &…