Caplin v. Marine Midland Grace Trust Co.

Petitioner, the trustee of Webb & Knapp, Inc., under Chapter X of the Bankruptcy Act, does not have standing to assert, on behalf of holders of debentures issued by Webb & Knapp, claims of misconduct by an indenture trustee. Pp. 417-435.

439 F. 2d 118, affirmed.

MARSHALL, J., delivered the opinion of the Court, in which BURGER, C. J., and STEWART, PoWELL, and REHNQUIST, JJ., joined. DOUGLAS, J., filed a dissenting opinion, in which BRENNAN, WHITE, and BLACKMUN, JJ., joined, post, p. 435.

Charles H. Miller argued the cause for petitioner. With him on the briefs were Mortimer M. Caplin, pro se, Henry Winestine, and Leon E. Irish.

John W. Dickey argued the cause and filed a brief for respondent.

David Ferber argued the cause for the Securities and Exchange Commission urging reversal. With him on the briefs were Solicitor General Griswold, Samuel Huntington, G. Bradford Cook, and Paul Gonson.