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SPIRT v. BECHTEL

129 F.Supp. 872 (1955)

S. Burton SPIRT, Plaintiff, v. S. D. BECHTEL, C. F. Bradley, Howard Bruce, John M. Franklin, V. J. Freeze, C. D. Gibbons, Herman Goldman, John W. Hanes, R. M. Hicks, Cletus Keating, A. J. McCarthy, G. F. Ravenel, Mary Dempsey Harris and United States Trust Company of New York, as executors of the estate of Basil Harris, deceased, Helen Whitney Gibson and Manufacturers Trust Company, as executors of the estate of Harvey D. Gibson, deceased, Louis Walker, Elisha Walker, Jr., and Robert E. Walker, as executors of the estate of Elisha Walker, deceased, Richard Roe I and Richard Roe II (names being fictitious, true names being unknown to plaintiff) and S. D. Bechtel, as executors of the estate of K. D. Dawson, deceased, and United States Lines Company, Defendants.

United States District Court, S. D. New York.

March 25, 1955.

Attorney(s) appearing for the Case

Louis H. O. Fischman, Pomerantz, Levy & Haudek, New York City, for plaintiff. William E. Haudek, New York City, of counsel.

Cravath, Swaine & Moore, New York City, for defendants. Ralph L. McAfee, Alexander S. Andrews, Edward Q. Carr, Jr., New York City, of counsel.

PALMIERI, District Judge.

This is a stockholder's action to recover for the benefit of United States Lines Company (U. S. Lines) from directors and officers of U. S. Lines for alleged loss by and damage to that company. Plaintiff alleges that U. S. Lines was damaged because of (1) unlawful compensation paid to the personal defendants and others by U. S. Lines under a stock option plan involving shares of stock in the company, (2) a transaction with the Commissioner...

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