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McFARLAND v. GREGORY

No. 334, Docket 28065.

322 F.2d 737 (1963)

Walter P. McFARLAND, Edward P. Johnson, and John Loughran, Plaintiffs-Respondents, v. George S. GREGORY, Alexander Westreich, N. V. Handelmaatschappij Antilia, Sol Drescher, and Louis Rosenberg, Defendants-Appellants.

United States Court of Appeals Second Circuit.

Decided July 5, 1963.

As Amended Petition for Rehearing September 18, 1963.

Attorney(s) appearing for the Case

Gallop, Climenko & Gould, New York City (Milton S. Gould, Alan J. Hartnick, New York City, of counsel), for plaintiffs-respondents.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City (Simon H. Rifkind, Edward N. Costikyan, Gerald D. Stern, New York City, of counsel), for defendants-appellants.

Before LUMBARD, Chief Judge, and WATERMAN and MOORE, Circuit Judges.

As Amended by Court after Filing of Petition for Rehearing September 18, 1963.

WATERMAN, Circuit Judge.

Plaintiffs below were the developers of a real estate project outside Washington, D. C., known as "Arlington Towers." The project consists of an 18-acre tract of land in Virginia, four multi-story apartment buildings, and a shopping center. In April 1957, plaintiffs were required, because of financial difficulties, to sell all the issued outstanding stock...

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