Legal Opinion
Fed. Sec. L. Rep. P 92,536 Philip B. Bateson v. Magna Oil Corporation
Court of Appeals for the Fifth Circuit
Decided October 23, 1969No. 26130_1PublishedCited by 26 opinions
1Opinion of the Court
THORNBERRY, Circuit Judge:
The question presented is whether a stockholder who sold his stock and shortly thereafter re-acquired stock in the corporation for the purpose of filing a long-planned stockholders’ derivative suit has standing to maintain the suit under Rule 23.1 of the Federal Rules of Civil Procedure. We hold that he does.
Appellant filed a stockholders’ derivative suit on behalf of Magna Oil Corporation against the directors of the corporation. He seeks recovery for the benefit of the corporation for damages resulting to the corporation from alleged acts of fraud, mismanagement,…
2Cases cited7 opinions
- Cohen v. Beneficial Industrial Loan Corp.Supreme Court of the United States · 1949
- Hawes v. OaklandSupreme Court of the United States · 1882
- Blau v. Mission Corp.Court of Appeals for the Second Circuit · 1954
- Wagner Electric Corp. v. Hydraulic Brake Co.Michigan Supreme Court · 1934
- Hoover v. AllenDistrict Court, S.D. New York · 1960
2 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Matter of WT Grant Co.United States Bankruptcy Court, S.D. New York · 1980
- In Re: Bank of New York Derivative Litigation. Mildred Kaliski and Edward J. Kaliski, Rita Hochenbaum and Rochelle Phillips, Charles H. Beck, on Behalf of the Bank of New York Company, Inc. Consolidated-Plaintiff v. J. Carter Bacot, Gerald L. Hassell, Deno D. Papageorge, Alan R. Griffith, Thomas A. Renyi, John A. Luke, Jr., William R. Chaney, William C. Richardson, Catherine Rein, Richard Barth and Donald L. Miller, the Bank of New York Company, Inc. And the Bank of New York, Nominal-Defendants-Appellees, Sergei Kotov and Vladimir GalitzineCourt of Appeals for the Second Circuit · 2003
- Fujimoto v. AuHawaii Supreme Court · 2001
- Peter E. Blum v. Morgan Guaranty Trust Company of New YorkCourt of Appeals for the Fifth Circuit · 1976
- Forbes v. Wells Beach Casino, Inc.Supreme Judicial Court of Maine · 1973
21 more not listed; retrieve them via the Exa API.