Legal Opinion
Norte & Co. v. R. L. Huffines, Jr. And Victor Muscat, and L. F. Serrick, Alfred O'gara, Edward Krock and Defiance Industries, Inc.
Court of Appeals for the Second Circuit
Decided October 14, 1969No. 545, 546, Docket 32892, 32893PublishedCited by 72 opinions
1Opinion of the Court
LUMBARD, Chief Judge.
The defendants appeal from a judgment of the Southern District of New York against them in the sum of $4.-355,595 in favor of plaintiff in a diversity stockholders’ action brought for the benefit of Defiance Industries, Inc.
Judge Mansfield found defendants liable for damages because they had breached their fiduciary duties, as the controlling persons in Defiance, in causing Defiance to issue its stock, on July 12, 1962, at a valuation of $14.49 per share in exchange (at a ratio of 4% shares to one) for all the stock of IIE 1 which he found they valued at the excessive…
2Cases cited7 opinions
- Board of Comm'rs of Jackson Cty. v. United StatesSupreme Court of the United States · 1939
- Jane Perlman v. C. Russell Feldmann, Newport Steel CorporationCourt of Appeals for the Second Circuit · 1955
- Blau v. Mission Corp.Court of Appeals for the Second Circuit · 1954
- Stella v. Graham-Paige Motors Corp.Court of Appeals for the Second Circuit · 1956
- Norte & Company v. HuffinesDistrict Court, S.D. New York · 1968
2 more not listed; retrieve them via the Exa API.
3Cited by72 opinions
- Osterneck v. Ernst & WhinneySupreme Court of the United States · 1989
- Huddleston v. Herman & MacLeanCourt of Appeals for the Fifth Circuit · 1981
- Rolf v. Blyth, Eastman Dillon & Co.Court of Appeals for the Second Circuit · 1978
- Fed. Sec. L. Rep. P 94,405 Joe L. Smallwood v. Pearl Brewing Company, Southdown, Inc., Zapata Norness, Inc., Albert J. Rangeand D. Doyle MizeCourt of Appeals for the Fifth Circuit · 1974
- Gustave Gerstle, (Cross-Appellants) v. Gamble-Skogmo, Inc., (Cross-Appellee)Court of Appeals for the Second Circuit · 1973
67 more not listed; retrieve them via the Exa API.