CONTINENTAL BANK & TRUST CO. OF SALT LAKE CITY v. GARFINKLE

No. 68 Civ. 1327.

292 F.Supp. 709 (1968)

CONTINENTAL BANK AND TRUST COMPANY OF SALT LAKE CITY, as Trustee, Plaintiff, v. Henry GARFINKLE, Greater Boston Distributors, Inc., William Ash, Maxwell M. Rabb, David Lubart, William Werfel, William Levine, Samuel Nichols, Anne Garfinkle and International Airport Hotel System, Inc., Defendants.

United States District Court S. D. New York.

October 29, 1968.


Attorney(s) appearing for the Case

Goldfeld, Charak, Tolins & Lowenfels, New York City, George Charak, and Lewis D. Lowenfels, New York City, of counsel, for plaintiff.

Strook, Strook & Lavan, New York City, Charles G. Moerdler, and Laurence Greenwald, New York City, of counsel, for individual defendants, with the exception of defendant, Henry Garfinkle.


OPINION

TYLER, District Judge.

Plaintiff Continental Bank and Trust Company ("Continental"), a Utah banking corporation, brings this suit as trustee on behalf of infant beneficiaries. Holding approximately 5% of the outstanding shares of the common stock of International Airport Hotel System, Inc. ("International") in trust, Continental has commenced this derivative suit seeking to rescind a sale by International of 100,000 shares of its common stock to...

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