Legal Opinion
Fed. Sec. L. Rep. P 93,401 J. Ralph Saylor v. Thayer Lindsley, and Roseanne Horn, Michael J. McLaughlin Objectors-Appellants, and Abraham I. Markowitz
Court of Appeals for the Second Circuit
Decided March 7, 1972No. 474, 475, Dockets 71-1332, 71-1380PublishedCited by 95 opinions
1Opinion of the Court
FRIENDLY, Chief Judge:
This appeal raises questions about the settlement of a stockholder’s derivative action over the objection of the plaintiff. While we decline to lay down a rule that this may never be done, we hold that the procedures here followed did not adequately protect the right of plaintiff, and of other objecting stockholders, to develop a record which might show that the settlement was improvident.
The transaction here at issue, the two-step sale to Mines Incorporated, in 1951 and 1953, by the Tonopah Mining Company of Nevada (Tonopah) of the stock of Tonopah Nicaragua Company…
2Cases cited11 opinions
- Mills v. Electric Auto-Lite Co.Supreme Court of the United States · 1970
- J. I. Case Co. v. BorakSupreme Court of the United States · 1964
- Protective Committee for Independent Stockholders of TMT Trailer Ferry, Inc. v. AndersonSupreme Court of the United States · 1968
- Brown v. BullockDistrict Court, S.D. New York · 1961
- Saylor v. LindsleyDistrict Court, S.D. New York · 1969
6 more not listed; retrieve them via the Exa API.
3Cited by95 opinions
- City of Detroit v. Grinnell Corporation, Manhattan-Ward, Incorporated v. Grinnell Corporation, 1225 Vine Street Building, Inc. v. Grinnell CorporationCourt of Appeals for the Second Circuit · 1974
- Rush PETTWAY Et Al., Plaintiffs-Appellants, v. AMERICAN CAST IRON PIPE COMPANY, a Corporation, Defendant-AppelleeCourt of Appeals for the Fifth Circuit · 1978
- Fed. Sec. L. Rep. P 93,547 Arthur Newman v. Howard M. Stein, and Morrie Benson and Rose Lerman, Objectants-AppellantsCourt of Appeals for the Second Circuit · 1972
- William Weinberger v. Great Northern Nekoosa Corp.Court of Appeals for the First Circuit · 1991
- Mabel FLINN, Et Al., Appellants, v. FMC CORPORATION and Local 9 Textile Workers Union of America, AFL-CIO, AppelleesCourt of Appeals for the Fourth Circuit · 1976
90 more not listed; retrieve them via the Exa API.