Broenen v. Beaunit Corp.

SWYGERT, Chief Judge.

This is an action for damages and equitable relief brought by a holder of one $2,000 face value certificate representing two shares of 4% per cent convertible subordinated debentures due August 1, 1990 of Beaunit Corporation (hereinafter called “Old Beaunit”), a nonsurviving party to the corporate merger which gave rise to this action. Jurisdiction is based upon diversity of citizenship in that the plaintiff, who seeks to represent all such debenture holders for purposes of this action, is a resident of Wisconsin and none of the corporate defendants are residents of that…