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ROSENBERG v. XM VENTURES

No. 01-1484.

274 F.3d 137 (2001)

Aron ROSENBERG, Appellant, v. XM VENTURES, a Maryland trust; and Motient Corporation, a Delaware corporation.

United States Court of Appeals, Third Circuit.

Filed December 5, 2001.

Attorney(s) appearing for the Case

Jeffrey S. Goddess, Rosenthal, Monhait, Gross & Goddess, Wilmington, DE, Mitchell M. Twersky, Fruchter & Twersky, Jeffrey S. Abraham, Abraham & Paskowitz, New York, NY, Counsel for Appellant.

Timothy J. Finn, Jones, Day, Reavis & Pogue, Washington, DC, Counsel for Appellee XM Ventures.

Jon E. Abramczyk, Donna L. Culver, Morris, Nichols, Arsht & Tunnell, Wilmington, DE, Counsel for Appellee Motient Corporation.

Before MANSMANN, RENDELL and ALDISERT, Circuit Judges.

Submitted Under Third Circuit LAR 34.1(a) September 10, 2001.

OPINION OF THE COURT

MANSMANN, Circuit Judge.

I.

The appellant, Aron Rosenberg, is a shareholder of Motient corporation. He has appealed from a District Court judgment dismissing, with prejudice, his shareholder derivative action against XM Ventures for failing to state a claim upon which relief can be granted. The complaint asserted a violation of section 16(b)

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