Dudley Warren Schilling, Cross v. J. A. Belcher, Sr., Cross Dudley Warren Schilling v. J. A. Belcher, Sr.

RONEY, Circuit Judge:

In this case involving Florida law, we hold that a shareholder who sells his stock pending appeal of a favorable judgment in a stockholder’s derivative suit against the corporation, loses standing to further prosecute or defend the case, except to the extent the judgment runs personally in his favor, in this case, for attorney’s fees.

This ' stockholder’s derivative suit, brought in federal court on the basis of diversity of citizenship, grew out of a family struggle for control of the Belcher Oil Company, a Florida corporation, which generated between $150 and $200…