Legal Opinion
Securities & Exchange Commission v. Ambassador Church Finance/Development Group, Inc.
Court of Appeals for the Sixth Circuit
Decided May 27, 1982No. 81-5123PublishedCited by 3 opinions
1Opinion of the Court
LIVELY, Circuit Judge.
This case arose under the Securities Investor Protection Act of 1970, P.L. 91-598, *609codified at 15 U.S.C. § 78aaa et seq. (The Act);1 which, inter alia, provides a plan for the liquidation of failed and failing brokers and dealers in securities. The specific question to be answered in this case is whether, under the Act, an issuer of securities may ever be a “customer” of a broker-dealer with respect to the issuer’s own securities. This appears to be a question of first impression, and we treat it within the narrow confines of the factual setting of this case.
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2Cases cited19 opinions
- Rose v. LundySupreme Court of the United States · 1982
- Consumer Product Safety Commission v. GTE Sylvania, Inc.Supreme Court of the United States · 1980
- Richards v. United StatesSupreme Court of the United States · 1962
- Reiter v. Sonotone Corp.Supreme Court of the United States · 1979
- Reiter v. Sonotone Corp.Supreme Court of the United States · 1979
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3Cited by3 opinions
- Fed. Sec. L. Rep. P 98,694 Securities and Exchange Commission v. Ambassador Church Finance/development Group, Inc., Securities Investor Protection Corporation and Fred D. Bryan, Trustee, Applicants-Appellants v. Pine Street Baptist Church, Claimant-AppelleeCourt of Appeals for the Sixth Circuit · 1982
- Securities Investor Protection Corporation v. Ambassador Church Finance/development Group, Inc., Securities and Exchange Commission v. Ambassador Church Finance/development Group, Inc. And Henry C. Atkeison, Jr., Pine Street Baptist Church, First Church of the Nazarene, Randall Memorial Free Will Baptist Church, Fairwinds Baptist Church, Southmoor Baptist Church, Westwood Baptist Church, West Gate Baptist Church, First Church of God, First Missionary Baptist Church, Christian Schools, Inc. D/B/A Good Pasture Christian Schools, and Theatre Nashville, Inc., Claimants-Appellees v. Securities Investor Protection Corporation, Fred D. Bryan, Trustee-AppelleeCourt of Appeals for the First Circuit · 1986
- Chotin Transportation, Inc., Cross-Appellee v. United States of America, Cross-AppellantCourt of Appeals for the Sixth Circuit · 1987