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KANE v. CENTRAL AMERICAN MINING & OIL, INC.

235 F.Supp. 559 (1964)

Joseph J. KANE and John J. Kane, individually, and as stockholders of Central American Mining & Oil, Inc., suing on behalf of themselves and for the benefit of said corporation and all other stockholders of said corporation, Plaintiffs, v. CENTRAL AMERICAN MINING & OIL, INC., Robert Guadano, Bernard Guadano, and Fred Menna, Defendants.

United States District Court S. D. New York.

November 27, 1964.

Attorney(s) appearing for the Case

Marks & Marks, New York City, for plaintiffs; David L. Marks, New York City, of counsel.

O'Brien, Driscoll & Raftery, New York City, appearing specially for defendants; Arthur F. Driscoll, William D. Friedmann, Gabriel Kaszovitz, New York City, of counsel.

WEINFELD, District Judge.

This essentially is a stockholders' derivative action brought on behalf of Central American Mining & Oil, Inc., a Panamanian corporation, hereinafter called CAMO, charging the defendants, who are its principal officers, sole directors and majority stockholders, with fraud, waste, mismanagement and diversion of a corporate opportunity.

The second amended complaint, the subject of the defendants' motion to dismiss, contains three...

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