STEDMAN v. STORER

No. 69 Civ. 5180.

308 F.Supp. 881 (1969)

Bruce STEDMAN, Carl H. Abraham, on Behalf of themselves and all other shareholders of Northeast Airlines, Inc., similarly situated, Plaintiffs, v. George B. STORER, Sr., Storer Broadcasting Co., Northwest Airlines, Inc., Bill Michaels, Stuart W. Patton, Stanton P. Kettler, George B. Storer, Jr., Peter Storer, Francis W. Sullivan and Northeast Airlines, Inc., Defendants.

United States District Court S. D. New York.

December 23, 1969.


Attorney(s) appearing for the Case

Burton L. Knapp, New York City, for plaintiffs.

White & Case, New York City, for defendants George B. Storer and Storer Broadcasting Co., David Hartfield, Jr., Jeffrey A. Barist, New York City, of counsel.

Reavis & McGrath, New York City, for defendant Northwest Airlines, Inc., Stephen R. Steinberg, Robert Thrun, New York City, of counsel.

Donovan, Leisure, Newton & Irvine, New York City, for defendant Northeast Airlines, Inc., George Leisure, Jr., Roy W. McDonald, New York City, of counsel.


OPINION

FRANKEL, District Judge.

On November 11, 1969, Donald W. Nyrop, President of Northwest Airlines, Inc., and George B. Storer, Chairman of the Board of Northeast Airlines, Inc., were reported in a joint press release to have reached "agreement in principle for a merger of the two airline companies." The release pointed out that Mr. Storer was Chairman of the Board of Storer Broadcasting Company, which owns 86% of the stock of Northeast. It was also...

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