CHRIS-CRAFT INDUSTRIES, INC., Plaintiff-Appellant, v. BANGOR PUNTA CORPORATION and David W. Wallace, Defendants-Appellees

WATERMAN, Circuit Judge:

Plaintiff-appellant, Chris-Craft Industries, Inc., appeals from the denial of an order entered below in the United States District Court for the Southern District of New York denying appellant’s motion for a preliminary injunction to restrain Bangor Punta Corporation from gaining and exercising control of Piper Aircraft Corporation pending a trial on the merits of whether certain shares of Piper were acquired by Bangor Punta in violation of governing Rules of the Securities and Exchange Commission. We affirm the denial of the preliminary injunction but remand the case…