KAISER-FRAZER CORP. v. OTIS & CO.

No. 152, Docket 22113.

195 F.2d 838 (1952)

KAISER-FRAZER CORP. v. OTIS & CO.

United States Court of Appeals Second Circuit.

Decided April 7, 1952.


Attorney(s) appearing for the Case

Ben Herzberg, New York City, and Arnold, Fortas & Porter, Washington, D. C., (Abe Fortas, Washington, D. C., Ben Herzberg, New York City, Milton V. Freeman, Washington, D. C., and Lawrence R. Eno, New York City, of counsel), for Otis & Co., appellant.

Willkie, Owen, Farr, Gallagher & Walton, New York City, (Mark F. Hughes, Walston S. Brown, Helmer R. Johnson, Vincent R. Fitzpatrick and Richard Owen, all of New York City, of counsel), for Kaiser-Frazer Corp., appellee.

Before AUGUSTUS N. HAND and CLARK, Circuit Judges, and BRENNAN, District Judge.


AUGUSTUS N. HAND, Circuit Judge.

On February 3, 1948, the plaintiff, Kaiser-Frazer Corporation, an automobile manufacturer, entered into a contract for the sale of 900,000 shares of its unissued common stock at $11.50 per share to Otis & Co., First California Company, and Allen & Co., securities underwriters, who in turn were to offer the stock for sale to the public at $13. per share. The purchasers were to take title to the stock severally, Otis and First...

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