Legal Opinion
Fed. Sec. L. Rep. P 94,093 Bangor and Aroostook Railroad Company v. Bangor Punta Operations, Inc.
Court of Appeals for the First Circuit
Decided August 3, 1973No. 73-1059PublishedCited by 5 opinions
1Opinion of the Court
LEVIN H. CAMPBELL, Circuit Judge.
A Maine railroad corporation and its wholly-owned subsidiary bring this action against their former owners, seeking damages under the federal anti-trust and securities laws, and under state law, for the alleged “looting” of the railroad in 1960-67 when the defendants were in control. Over 99% of its stock was purchased from the old owners after the alleged wrongs. The district court granted defendants’ motion for summary judgment, holding that the railroad could not maintain what it termed “typical stockholder claims seeking an accounting for alleged…
2Cases cited19 opinions
- Munn v. IllinoisSupreme Court of the United States · 1877
- J. I. Case Co. v. BorakSupreme Court of the United States · 1964
- United States v. Trans-Missouri Freight Assn.Supreme Court of the United States · 1897
- Perma Life Mufflers, Inc. v. International Parts Corp.Supreme Court of the United States · 1968
- Hawes v. OaklandSupreme Court of the United States · 1882
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3Cited by5 opinions
- Bangor Punta Operations, Inc. v. Bangor & Aroostook RailroadSupreme Court of the United States · 1974
- Eastwood v. National Bank of Commerce, Altus, Okl.District Court, W.D. Oklahoma · 1987
- In Re the Pittsburgh & Lake Erie RR Co. Securities & Antitrust LitigationDistrict Court, E.D. Pennsylvania · 1974
- Bangor Punta Operations, Inc. v. Bangor & Aroostook RailroadSupreme Court of the United States · 1974
- Bangor Punta Operations, Inc. v. Bangor & Aroostook RailroadSupreme Court of the United States · 1974