Koehler

BACKGROUND

Plaintiffs filed this action on August 25, 1982, alleging on behalf of themselves and those similarly situated registration violations and misrepresentations in the sale of securities in the Twenty-One Thirty-One limited partnership (“21-31 Ltd.”). The developer defendants formed this partnership to own and develop real property consisting of an office building and adjacent lots situated at 2131 Third Avenue, San Diego, California, including Lots A-D inclusive, of block 246, and Lots H, I, and J of block 247, Horton’s Addition.

Three types of security interests were sold: limited partnership interests in 21-31 Ltd., fractionalizedNrust "deed interests in Lots A-D secured by the office building, and fractionalized trust-deed- -inter-ests-in Lot J, a parcel adjacent to the office building. On March 29, 1984, this court certified this action for class determination, segregating the injured security holders into two groups, the limited partnership investors and the trust deed investors. Combined, the plaintiff class comprises seventy-three separate claims.

Trial of this action to the court under the Fourth Amended Complaint began on March 21, 1985, and concluded on April…