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MINICHELLO v. SAXON

No. 14560.

337 F.2d 75 (1964)

Albert J. MINICHELLO, Nicholas Mauriello and Ygnatz Yuchnis, on a Derivative Action on Behalf of Themselves and on Behalf of Other Stockholders of the First National Bank of Exeter Similarly Situated, Incorrectly Described in the Summons and Complaint as Albert J. Minichello, Nicholas Mauriello and Ygnatz Yuchnis, Appellants, v. James J. SAXON, Comptroller of Currency for the United States of America, First National Bank of Exeter, Wyoming National Bank of Wilkes-Barre, August J. Lippi, Ettore Lippi, John Lippi, John B. Campbell, George Maffei and Harold Reich.

United States Court of Appeals Third Circuit.

Decided September 18, 1964.

Rehearing Denied November 3, 1964.

Attorney(s) appearing for the Case

Anthony C. Falvello, Hazleton, Pa. (Arthur D. Dalessandro, Wilkes-Barre, Pa., Joseph J. Ustynoski, Conrad A. Falvello, Hazleton, Pa., on the brief), for appellants.

Charles A. Shea, Jr., Wilkes-Barre, Pa., for Wyoming Nat. Bank of Wilkes-Barre.

Thomas F. Gill, Wilkes-Barre, Pa., for First Nat. Bank of Exeter and individual directors.

Morton Hollander, Dept. of Justice, Washington, D. C. (John W. Douglas, Asst. Atty. Gen., Bernard J. Brown, U. S. Atty., Terence N. Doyle, Atty., Dept. of Justice, Washington, D. C., on the brief), for Saxon, Comptroller, etc.

Before BIGGS, Chief Judge, HASTIE, Circuit Judge, and KIRKPATRICK, District Judge.

BIGGS, Chief Judge.

This is a derivative shareholders' action to invalidate a sale of assets of the First National Bank of Exeter ("Exeter bank") to the Wyoming National Bank of Wilkes-Barre ("Wyoming bank"). Plaintiffs are minority shareholders of the Exeter bank. Defendants are the Exeter bank and various members of its board of directors, the Wyoming bank and the Comptroller of the Currency. The plaintiffs have appealed from an order of the court below entered...

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