Opinion ID: 609176
Heading Depth: 2
Heading Rank: 3

Heading: Appellants' Claims Against Milken

Text: 11 Appellants are participants in a civil fraud action styled Arden Way Assocs. v. Boesky, originally brought in the Southern District of New York in March 1987 and subsequently consolidated with other pending actions. Appellants alleged in the Arden Way action that they were fraudulently induced by Ivan Boesky, in conjunction with Michael Milken, Drexel Burnham and others, to purchase partnership interests in an Ivan Boesky-run arbitrage fund. They contend the unlawful securities arrangements involving Milken that are at the core of the Arden Way case were the subject of the criminal information to which Milken plead guilty. Hence, Gemini Group believes it is a member of the class of persons entitled to participate in the distribution of the $400 million SEC Disgorgement Fund.