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MICHELSEN v. PENNEY

No. 124.

135 F.2d 409 (1943)

MICHELSEN et al. v. PENNEY et al.

Circuit Court of Appeals, Second Circuit.

March 19, 1943.

Attorney(s) appearing for the Case

I. Gainsburg, of New York City, and Kendall A. Sanderson, of Boston, Mass. (Joseph P. Segal, of New York City, on the brief), for plaintiffs.

Peyton Randolph Harris, of New York City (Gibboney & Harris and Stuart G. Gibboney, all of New York City, on the brief), for R. C. Parsons, receiver.

Nathan L. Miller, of New York City (Gwinn & Pell, Harold H. Corbin, and Caleb C. Curtis, all of New York City, on the brief), for defendant.

Before AUGUSTUS N. HAND, CLARK, and FRANK, Circuit Judges.

CLARK, Circuit Judge.

This is an action by the members of a depositors' committee, for themselves and other depositors, of City National Bank in Miami, Miami, Florida, against James C. Penney, the chairman of the board of directors of the bank, to recover for losses claimed to have been caused it by his violation of duty as a director. A successor receiver to the original receiver who had been appointed on the bank's failure in December, 1930, was allowed to intervene...

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