District Court, D. New Jersey October 23, 1986, Civ. A. Nos. 85-1728, 85-2224; Adv. Nos. 85-2103, 85-5274 (Cohen v. Army Moral Support Fund)

TABLE OF CONTENTS

I. INTRODUCTION

II. PROCEDURAL BACKGROUND

III. FACTUAL BACKGROUND

A. The Debtors

B. Repos and the Repo Market

C. The Test Cases

1. Overview

2. The AMC Test Case Transactions

a. GNMA Pool #69692

b. GNMA Pool #61337

c. U.S. Treasury Notes, 11.126%

d. GNMA Pool #40566

e. GNMA Pool #57318

3. The BBS, Inc. Test Case Transactions

a. GNMA Pool #47448

*561b. GNMA Pool #63571

c.