United States Second Circuit

District court correctly found claimants had "claims for security", not "claims for cash" under the Securities Investors Protection Act, however, it erred in calculating the value of the claims.

Appellate Information

• Decided 06/08/2004
• Published 06/08/2004

Judges

• STRAUB, Circuit Judge., Before:  STRAUB and POOLER, Circuit Judges, and HURD, District Judge.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• James B. Kobak, Jr.,Hughes Hubbard & Reed, LLP, New York, NY, for Appellant James W. Giddens as Trustee for the Liquidation of New Times Securities Services, Inc., and New Age Financial Services, Inc., Karen A. Caplan, Securities Investor Protection Corporation (Stephen P. Harbeck, General Counsel, on the brief), Washington, DC, for Appellant Securities Investor Protection Corporation., Giovanni P. Prezioso, General Counsel, Securities and Exchange Commission (Jacob H. Stillman, Solicitor, Hope Hall Augustini, Senior Litigation Counsel, on the brief), Washington, DC, for amicus curiae Securities and Exchange Commission.


• For Appellees:
  
• Sigmund S. Wissner-Gross, Heller Horowitz & Feit, P.C., New York, N.Y. (May Orenstein, Heller Horowitz & Feit, P.C., New York, NY, Ted A. Berkowitz, Farrel Fritz, P.C., Uniondale, NY, on the brief), for all Claimants-Appellees other than Jill Gundry.