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BATESON v. MAGNA OIL CORPORATION

No. 26130.

414 F.2d 128 (1969)

Philip B. BATESON, Plaintiff-Appellant, v. MAGNA OIL CORPORATION et al., Defendants-Appellees.

United States Court of Appeals Fifth Circuit.

As Modified on Denial of Rehearing October 23, 1969.

Attorney(s) appearing for the Case

William A. McKenzie, Joe E. Vaughan, McKenzie & Baer, Dallas, Tex., for plaintiff-appellant.

James E. Coleman, Jr., Robert L. Blumenthal, Dallas, Tex., Carrington, Johnson & Stephens, Dallas, Tex., for appellees Magna Oil Corporation, G. B. Howell, Jake B. Goodson, Vernon C. Howell, and Richard E. Howell.

Carlisle Blalock, Lewis P. Chandler, Jr., Dallas, Tex., for defendant-appellee Dudley Binyon, Tobolowsky, Schlinger & Blalock, Dallas, Tex., of counsel.

Robert G. Scofield, Lewisville, Tex., for Vickers.

Before THORNBERRY and SIMPSON, Circuit Judges, and CASSIBRY, District Judge.

THORNBERRY, Circuit Judge:

The question presented is whether a stockholder who sold his stock and shortly thereafter re-acquired stock in the corporation for the purpose of filing a long-planned stockholders' derivative suit has standing to maintain the suit under Rule 23.1 of the Federal Rules of Civil Procedure. We hold that he does.

Appellant filed a stockholders' derivative suit on behalf of Magna Oil Corporation against the directors of the corporation...

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