James P. JOHNSON, as Equity Receiver to Collect Assets, on behalf of the Claimants of Chilcott Commodities Corporation, Chilcott Portfolio Management, Inc., Thomas D. Chilcott, d/b/a Chilcott Futures Fund, Thomas D. Chilcott, and Chilcott Futures Fund, Plaintiff-Appellant, v. Don R. HENDRICKS and Betty M. Hendricks; Gary K. Hilgers and Dona M. Hilgers; Richard R. and Delores Grenfell; Vesta E. Dilts; Chester D. Huffmire and Shirley J. Huffmire; John T. and Annis L. Doto; Charles V. Roth, Jr.; Malvin M. Krinsky and Florence Krinsky; Lawrence W. Sadil and Virginia R. Sadil; Elizabeth A. Demaree, M.E. Demaree and D.C. Demaree; Rosemarie E. Sprague; Joseph Studholme and Renebelle B. Studholme; and Charles H. Pope, Defendants-Appellees, 833 F.2d 908

SEYMOUR, Circuit Judge. This action was brought by James P. Johnson, as equity receiver on behalf of the claimants of Chilcott Commodities Corporation and various other entities, to recover amounts paid to investors in excess of their contributions. The district court granted defendant investors’ motions to dismiss. Johnson v. Studholme, 619 F.Supp. 1347 (D.Colo.1985). The receiver has appealed. We affirm substantially for the reasons given by the trial court. We are not persuaded that any of the arguments made on appeal by the receiver undermine the conclusions reached by that court. AFFIRMED.