Federal Home Loan Bank Board v. Elliott
Court of Appeals for the Ninth Circuit
1Opinion of the Court
HAMLEY, Circuit Judge.
Three appeals have been consolidated for disposition under the above caption. They bring into question summary judgments, entered in three cases involving the merger of Long Beach Federal Savings and Loan Association (Long Beach), and Equitable Savings and Loan Association (Equitable). The effect of each judgment is to declare invalid the formula set forth in the merger agreement governing the distribution of Equitable’s guarantee stock to Long Beach shareholders, and to substitute another basis upon which such distribution would be made. The district court opinion is…
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