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SECURITIES & EXCH. COM'N v. PETROFUNDS, INC.

No. 76 Civ. 2368.

414 F.Supp. 1191 (1976)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. PETROFUNDS, INC., et al., Defendants.

United States District Court, S. D. New York.

June 22, 1976.

Attorney(s) appearing for the Case

Irwin M. Borowski, Associate Director, David H. Belkin, Sp. Counsel, Robert E. Grossman, Andrew Leventhal, Securities and Exchange Commission, Washington, D.C., William D. Moran, Regional Administrator, New York Regional Office, Securities and Exchange Commission, New York City, for plaintiff.

Webster & Sheffield, New York City, for defendants McRae Consolidated Oil & Gas, Inc., McRae Oil Corp., Petrofunds, Inc., James A. McRae, David L. Kelley, J., Frank Benson; Harvey D. Myerson, Bruce Topman, Kurt V. Blankmeyer, William Moorhead, New York City, of counsel.

Hargrove, Guyton, Ramey & Barlow, Shreveport, La., for defendants Louisiana Gas Purchasing Corp. and Louisiana Gas Intrastate, Inc. of Shreveport; Ray A. Barlow, Thomas J. Wyatt, Shreveport, La., of counsel.

Diamond & Johnson, Houston, Tex., for defendants Sunny South Oil and Gas, Inc. and Edward C. Dorroh; J. W. Johnson, Houston, Tex., of counsel.

Lankenau, Kovner & Bickford, New York City, for defendant Osias Biller; Nathaniel J. Bickford, New York City, of counsel.

OPINION

EDWARD WEINFELD, District Judge.

This motion for a preliminary injunction and the appointment of a temporary receiver is the opening sally in what is already a vigorously contested lawsuit. Plaintiff, the Securities and Exchange Commission ("Commission") has brought this action alleging fraud in connection with the sale of interests in oil and gas drilling programs to public investors. It moves for a preliminary injunction enjoining some but not...

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