In Re Tedlock Cattle Company, Inc.

552 F.2d 1351 In re TEDLOCK CATTLE COMPANY, INC., a California Corporation as such and d/b/a Andahl Cattle Company, Alleged Bankrupt. OFFICIAL CATTLE CONTRACT HOLDERS COMMITTEE, Creditor-Appellant, v. David COMMONS, Trustee in Bankruptcy, Trustee-Appellee. No. 75-3511. United States Court of Appeals, Ninth Circuit. May 2, 1977. Bruce H. Spector, Stutman, Treister & Glatt, Los Angeles, Cal., argued, for creditor-appellant. Edith R. Warkentine, Gendel, Raskoff, Shapiro & Quittner, Los Angeles, Cal., argued, for trustee-appellee. Appeal from the United States District Court for the Central District of California. Before HUFSTEDLER, GOODWIN and ANDERSON, Circuit Judges. PER CURIAM: 1 The contest in this bankruptcy appeal is between two theories for measuring recovery for defrauded investors: out-of-pocket loss, or benefit of the bargain. 2 This Ponzi investment scheme created different classes of losers: investor creditors and commercial, or supplier, creditors. The claims of the commercial or supplier creditors are not before us on this interlocutory appeal, but the existence of these claims and equitable considerations arising out of the varieties of claims complicate the…