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MARCUS v. OTIS

No. 257, Docket 20969.

169 F.2d 148 (1948)

MARCUS v. OTIS et al.

Circuit Court of Appeals. Second Circuit.

August 12, 1948.

Attorney(s) appearing for the Case

Abraham Marcus, of New York City, for plaintiff-appellee.

Samuel Marion, of New York City, for plaintiffs-intervenors.

Spence, Hotchkiss, Parker & Duryee, of New York City (Kenneth M. Spence, Julius J. Teller and Thomas L. Howe, all of New York City, of counsel), for defendants-appellants Otis, Franklin, Hutchinson and Harrison.

Charles L. Sylvester, of New York City, (Robert P. Patterson, Sidney G. Kingsley and Ambrose L. Cram, all of New York City, of counsel), for defendants Eugene A. Tracey and Marie L. Tracey.

Before L. HAND, AUGUSTUS N. HAND and CHASE, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

No ground has been shown for a reconsideration of our holding in the prior opinion by Judge L. Hand that defendants' liability is based upon a misappropriation of corporate funds and not upon a conversion of stock of Majestic acquired by Automatic and then converted by the defendants. However, the award to Automatic of profits realized by defendants upon the stock of Majestic purchased with the corporate funds, as provided for in the...

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