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SILVERMAN v. LANDA

No. 298, Docket 27353.

306 F.2d 422 (1962)

Bertha SILVERMAN, Plaintiff-Appellant, v. Alfons LANDA, Defendant-Appellee, and Fruehauf Trailer Company, Defendant.

United States Court of Appeals Second Circuit.

Decided August 17, 1962.

Attorney(s) appearing for the Case

Sidney B. Silverman, New York City (Rosenfeld & Silverman, New York City, on the brief), for plaintiff-appellant.

Marvin F. Hartung, New York City (Conboy, Hewitt, O'Brien & Boardman, Eugene J. T. Flanagan, and Donald Fried, New York City, on the brief), for defendant-appellee.

Peter A. Dammann, Gen. Counsel, Walter P. North, Associate Gen. Counsel, and George P. Michaely, Jr., Sp. Counsel, for Securities and Exchange Commission, as amicus curiae.

Before CLARK, HINCKS and FRIENDLY, Circuit Judges.

HINCKS, Circuit Judge.

Silverman, a stockholder of Fruehauf Trailer Company, sued Landa, a director of the corporation, for profits realized from his simultaneous writing of puts and calls on Fruehauf stock. Landa, the beneficial owner of 2,000 Fruehauf shares, issued the following options.

1. "Calls" on 1,000 shares at 24 3/8 per share (the then market price), for which he received a premium of $4,000.

2. "Puts" on 500 shares, also at 24 3/8, for...

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