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IN RE BEACH FIRST NAT. BANCSHARES, INC.

No. 11-2019.

702 F.3d 772 (2012)

In re BEACH FIRST NATIONAL BANCSHARES, INCORPORATED, Debtor. Michelle Leigh Vieira, as Trustee for the Estate of Beach First National Bancshares, Incorporated, Plaintiff-Appellant, v. Michael Bert Anderson; Orvis Bartlett Buie; Raymond E. Cleary, III; Thomas Fulmer; Michael D. Harrington; Joe N. Jarrett, Jr.; Richard E. Lester; Leigh Ammons Meese; Rick H. Seagroves; Don J. Smith; Samuel Robert Spann, Jr.; B. Larkin Spivey, Jr.; Walter E. Standish, III, as President and Chief Executive Officer of Beach First National Bancshares, Incorporated; James C. Yahnis, as Directors of Beach First National Bancshares, Incorporated, Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided: December 28, 2012.

Attorney(s) appearing for the Case

ARGUED: David Jay Parrish , Nexsen Pruet, Charleston, South Carolina, for Appellant. Dennis James Connolly , Alston & Bird, LLP, Atlanta, Georgia, for Appellees. ON BRIEF: Richard L. Tapp , Nexsen Pruet, Charleston, South Carolina, for Appellant. F. Truett Nettles, II , Grimball & Cabaniss, LLC, Charleston, South Carolina; Robert R. Long , Alston & Bird, LLP, Atlanta, Georgia, for Appellees.

Affirmed in part, reversed in part, and remanded by published opinion. Judge AGEE wrote the opinion, in which Judge WYNN and Judge FLOYD joined.

OPINION

AGEE, Circuit Judge:

I

Michelle Leigh Vieira, trustee in bankruptcy of Beach First National Bancshares, Inc., (the "Trustee" and "Bancshares," respectively) filed this action against the former directors and officers of Bancshares (collectively, including both fiduciary capacities, the "Directors"). The Directors also all formerly served as the officers and directors of First National Bank Myrtle Beach, SC (the "Bank"), a wholly owned subsidiary...

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