Ottis B. Crocker, Jr. v. Federal Deposit Insurance Corporation, Intervenor-Appellant v. W.P. McMullan

E. GRADY JOLLY, Circuit Judge:

In an attempt to bypass the general principles of standing in deriviative actions that usually bar individual shareholder suits, a class described as “minority shareholders” filed this nonderivative action against a bank’s “controlling shareholders,” on the theory that the minority had suffered individual harm not suffered by the corporation. Their theory has failed, and the derivative blockade has prevailed over the minority’s hard-fought efforts to break through.

I

On May 11, 1984, the Mississippi State Commissioner of Banking closed the Mississippi Bank (“the…