Opinion ID: 527542
Heading Depth: 2
Heading Rank: 6

Heading: The SEC's New Plans

Text: 50 In August 1988, the SEC submitted amended plans of distribution. These plans proposed that, except for an administrative reserve, the entire fund would be distributed to Eligible Claimants, defined in the way that Eligible Investor Claimants had been defined in the SEC's originally proposed plans. Thus, virtually all of the disgorged assets were earmarked for defrauded investors, with no allocation for tax liens. 51 Those who had objected to the original SEC plans objected to the revised plans. In a Memorandum and Order dated October 25, 1988, the court approved the new plans. 52 The court certified the issues for immediate appeal pursuant to 28 U.S.C. Sec. 1292(b) (1982), and this Court granted leave to appeal.