Bloomington National Bank v. Telfer

SNEED, Senior Circuit Judge.

Bloomington National Bank (Blooming-ton) appeals in its suit against James S. Telfer, Rudolph L. Kuehn, Robert S. Telfer, Jr., and John T. Barrett (the Telfer group) for a declaration that its reorganization plan was authorized by federal law. In rendering summary judgment for the Tel-fer group, the district court ruled that Bloomington violated the National Banking Act, 12 U.S.C. § 21 et seq., by repurchasing its own stock and failing to provide Telfer with appraisal rights. We affirm.

I

FACTS AND PROCEEDINGS BELOW

The facts in this case are not in dispute. In…