OF THE COURT BECKER, Chief Judge. This bankruptcy appeal requires us to construe 11 U.S.C. § 510(b), which provides for the subordination of any claim for damages “arising from the purchase or sale” of a security of the debtor. The appeal arises out of a Chapter 11 Bankruptcy petition filed by appellee Telegroup, Inc. Appellants Baroda Hill Investments, Ltd., LeHeron Corporation, Ltd., and Kimble John Winter (“claimants” or “appellants”) are shareholders of Telegroup who filed proofs of claim in the bankruptcy proceeding s 3d 828 (9th Cir.2001) (<HOLDING>); In re Int’l Wireless Communications Holdings,
holding that plaims for breach of a merger agreement arise from the purchase or sale of debtors securities holding that a claim for breach of a provision in a merger agreement arises from the purchase or sale of the debtors securities holding that a claim arises from the purchase or sale of a security only if there is an allegation of fraud in the purchase sale or issuance of the  instrument holding that an independent fiduciary duty arises from a brokers purchase and sale of securities holding that claims for erisa violations arose from the purchase or sale of debtors securities