Fed. Sec. L. Rep. P 95,562 William J. Rochelle, Jr., Trustee in Reorganization of Sunset International Petroleum Corporation on His Own Behalf and as a Representative of Certain Classes, and American Income Life Insurance Company, on Its Own Behalf and as Representative of Certain Classes v. Marine Midland Grace Trust Company of New York, Being Joined as Involuntary v. Arthur Young & Company

535 F.2d 523 Fed. Sec. L. Rep. P 95,562 William J. ROCHELLE, Jr., Trustee in Reorganization of Sunset International Petroleum Corporation on his own behalf and as a representative of certain classes, and American Income Life Insurance Company, on its own behalf and as representative of certain classes, Plaintiffs-Appellants, v. MARINE MIDLAND GRACE TRUST COMPANY OF NEW YORK, being joined as Involuntary Plaintiff, v. ARTHUR YOUNG & COMPANY et al., Defendants-Appellees. No. 74-1429. United States Court of Appeals, Ninth Circuit. May 10, 1976. Rehearing Denied June 16, 1976. Richard W. Havel (argued), of Shutan & Trost, Los Angeles, Cal., for plaintiffs-appellants. Hillel Chodos (argued), Beverly Hills, Cal., for defendants-appellees. OPINION Before HUFSTEDLER, WRIGHT and GOODWIN, Circuit Judges. HUFSTEDLER, Circuit Judge: 1 This appeal by Rochelle, reorganization trustee of Sunset International Petroleum Corporation ("Sunset") and by American Income Life Insurance Company ("American"), purchaser of a debenture issued by Sunset, against former officers and directors of Sunset and an independent certified public accountant, Arthur Young & Company ("Young") 1 presents a…