Legal Opinion
Gradel v. Piranha Capital, L.P.
Court of Appeals for the Seventh Circuit
Decided July 25, 2007No. 06-4041PublishedCited by 5 opinions
1Opinion of the Court
POSNER, Circuit Judge.
This appeal presents an issue concerning the control of property in parallel proceedings. Investors in a hedge fund called Piranha Capital sued Piranha in an Illinois state court, claiming violations of federal securities law as well as state law. By serving the summons on another company, Pershing LLC, the plaintiffs automatically attached $1 million held in Piranha’s account with Pershing. 735 ILCS 5/4-126; Maplehurst Farms, Inc. v. Greater Rockford Energy & Technology Co., 167 Ill. App.3d 767, 118 Ill.Dec. 577, 521 N.E.2d 1270, 1272 (1988). Piranha removed the case to…
2Cases cited17 opinions
- Dewsnup v. TimmSupreme Court of the United States · 1992
- Johnson v. Home State BankSupreme Court of the United States · 1991
- Princess Lida of Thurn and Taxis v. ThompsonSupreme Court of the United States · 1939
- United States v. Security Trust & Savings BankSupreme Court of the United States · 1950
- Long v. BullardSupreme Court of the United States · 1886
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3Cited by5 opinions
- First Mid-Illinois Bank & Trust, N.A. v. ParkerAppellate Court of Illinois · 2010
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- First Mid-Illinois Bank & Trust v. ParkerAppellate Court of Illinois · 2010