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IN RE ADLER COLEMAN CLEARING CORP.

Bankruptcy No. 95-08203.

198 B.R. 70 (1996)

In re ADLER COLEMAN CLEARING CORP., Debtor.

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

As Corrected July 1, 1996.

Attorney(s) appearing for the Case

Cleary, Gottlieb, Steen & Hamilton, New York City, for the SIPC Trustee.

MEMORANDUM DECISION

JAMES L. GARRITY, Jr., Bankruptcy Judge.

In a Securities Investor Protection Act ("SIPA") liquidation proceeding, a person whose claim against the debtor qualifies as a "customer claim" is entitled to preferential treatment in the distribution of assets from the debtor's estate. The mechanism through which such preferential status is implemented is the creation of a fund of customer property distinct from the general estate. See

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