v3487-43

No. 22,560

IN THE UNITED STATES COURT OF APPEALS

FOP '^HF ^TTTvTTM ^TRCUIT

PSG CO., a corporation,

and PHILIP S. GREENBERG,

Appellants ,

MERRILL LYNCH, PIERCE,

FENNER & SMITH, INC. ,

Appellee .

APPELLEE'S BRIEF

Appeal from the United States District Court

for the District of Oregon

Tim iivjiN^jRABLE ROBERT C. BELi.^^..; x , .^

KING, MILLER, ANDERSON,

NASH & YERKE

NORMAN J, WIENER

1. ALAN WIGHT

1200 American Bank -,

Portland, Oregon 9 7205 F J L. I

Attorneys for Appellee

vA'M

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