John L. Schwieger and Dwayne Vande Stouwe v. Iowa Beef Processors, Inc.

LAY, Chief Judge.

Iowa Beef Processors, Inc. (IBP) has petitioned for rehearing en banc or for panel rehearing. As grounds for rehearing, IBP asserts that: (1) this decision permits the plaintiffs to waive a condition precedent to IBP’s duty to perform, which will have adverse effects on other qualified stock option plans; (2) this decision directly conflicts with our decision in Langer v. Iowa Beef Packers, Inc., 420 F.2d 365 (8th Cir.1970); and (3) it erroneously assumes that the market price of the stock was below the option price.

Background

Schwieger and Vande Stouwe attempted to exercise…