TRANE CO. v. O'CONNOR SECURITIES

No. 1519, Docket 83-7336.

718 F.2d 26 (1983)

The TRANE COMPANY, Appellant, v. O'CONNOR SECURITIES, O'Connor & Associates, Edmund J. O'Connor, William F. O'Connor, Ann Carmel, Michael D. Greenbaum, Peter A. Ianello, John F. Kavanewsky, Lawrence Lambert, Herbert E. Seif, Clayton A. Struve and Arthur A. Watson, Jr., Appellees.

United States Court of Appeals, Second Circuit.

Decided September 19, 1983.

As Modified October 14, 1983.


Attorney(s) appearing for the Case

Edmund H. Kerr, New York City (James C. Blair, Judith A. Ripps, Neil P. Forrest, Cleary, Gottlieb, Steen & Hamilton, New York City, of counsel), for appellant.

Daniel P. Levitt, New York City (Greg A. Danilow, Scott D. Heller, Kramer, Levin, Nessen, Kamin & Frankel, New York City, of counsel), for appellees.

Before OAKES and CARDAMONE, Circuit Judges, and BARTELS, District Judge.


OAKES, Circuit Judge:

Appeal is by The Trane Company, a publicly held stock-exchange-listed concern, from the denial of a preliminary injunction against two limited partnerships (and certain individual partners) which engaged in so-called "risk arbitrage." Appellee partnerships purchased over eight percent of the stock of Trane between January 16 and June 25, 1982, because they thought The Trane Company might be a good investment opportunity as a potential takeover...

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