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IN RE AMERICAN RESERVE CORP.

Bankruptcy Nos. 80 B 4786, 86 C 219.

71 B.R. 32 (1987)

In re AMERICAN RESERVE CORPORATION, Debtor. Clear and Doris Elaine HUDDLESTON, Claimants-Appellees, v. J. William HOLLAND, Trustee for American Reserve Corporation, Appellant.

United States District Court, N.D. Illinois, E.D.

January 23, 1987.

Attorney(s) appearing for the Case

J. William Holland, William Luking, Timothy Trinka, Ross & Hardies, Chicago, Ill., for trustee.

Leonard Groupe, Groupe & Katz, William J. Harte, Jonah Orlofsky, Plotkin & Jacobs, Ltd., Chicago, Ill., for Clear and Doris Huddleston.

Securities and Exchange Com'n, Washington, D.C., amicus curiae.

MEMORANDUM OPINION

KOCORAS, District Judge:

The issue presented by this bankruptcy appeal is whether a creditor purporting to represent a class of similarly situated creditors can file a class proof of claim. The court concludes that he cannot, and the bankruptcy court's decision is therefore reversed.

FACTS

This case arises out of the bankruptcy of American Reserve Corporation ("ARC"), a holding company which owned the stock of several...

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