Professional Documents
Culture Documents
TENTH CIRCUIT
MAY 24 2001
PATRICK FISHER
Clerk
In re: CONSOLIDATED
INVESTMENT SERVICES, INC.,
Debtor.
STEPHEN E. SNYDER, as Trustee for
the Liquidation of Consolidated
Investment Services, Inc.,
Plaintiff-Appellee,
v.
No. 00-1306
NORMAN P. ROUNDS,
Defendant-Appellant.
corporate parent of CIS, appeals the judgment entered against him in the bankruptcy
court and affirmed by the district court. We have jurisdiction under 28 U.S.C.
158(d)1 and 28 U.S.C. 1291 and affirm.
I.
In June 1995, a Texas state court entered a money-damages judgment for
$8,728,248.31 against, inter alia, CIS, CGI, and Rounds, jointly and severally. Shortly
thereafter, on application by the Securities Investor Protection Corporation (SIPC), a
federal district court in Colorado appointed a trustee to liquidate CISs business and
then removed the liquidation case to the United States Bankruptcy Court for the
District of Colorado for further proceedings.2
In or about June 1998, the Texas state-court plaintiffs assigned the trustee an
undivided 50% interest in and to the portion of the judgment entered against Rounds
and CGI. Further, the plaintiffs and the trustee agreed to share equally in all sums
collected against Norman P. Rounds and/or Cavalier Group, Inc., . . . without regard to