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RAIBLE v. PUERTO RICO INDUSTRIAL DEVELOPMENT COMPANY

No. 6886.

392 F.2d 424 (1968)

Charles G. RAIBLE, Defendant and Third-Party Plaintiff, Appellant, v. PUERTO RICO INDUSTRIAL DEVELOPMENT COMPANY et al., Appellees.

United States Court of Appeals First Circuit.

April 15, 1968.

Attorney(s) appearing for the Case

Marcien Jenckes, Boston, Mass., and A. Torres Braschi, San Juan, P. R., with whom Robert S. Frank Jr., Winchester, Mass., and Dubon & Dubon, San Juan, P. R., were on brief, for appellant.

Juan Enrique Geigel, San Juan, P. R., with whom Guillermo Silva, Hernan G. Pesquera, Miguel A. Gimenez Munoz, San Juan, and Ernesto Rodriguez Font, Santurce, P.R., were on brief, for Puerto Rico Industrial Development Co., appellee.

Salvador E. Casellas, San Juan, P. R., with whom Fiddler, Gonzalez & Rodriguez, San Juan, P. R., was on brief, for Standard Steel & Tube Corp., appellee.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

ALDRICH, Chief Judge.

The primary issue in the present suit is to determine the consequences of a pledgee's voting pledged stock in favor of a merger without notice to, or knowledge of the pledgor. The pledgor, appellant Raible, is a citizen of New York. The pledgee is Puerto Rico Industrial Development Company, PRIDCO, an agency of the Commonwealth of Puerto Rico; and the initial corporation involved, Standard Steel and Wire Company, hereafter Steel, a Puerto Rican...

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