ABRAMS v. OCCIDENTAL PETROLEUM CORPORATION

Nos. 69-72, Dockets 71-1273 to 71-1276.

450 F.2d 157 (1971)

Stephen ABRAMS, Plaintiff, v. OCCIDENTAL PETROLEUM CORPORATION, Defendant-Appellant, and Kern County Land Company, a Delaware Corporation, et al., Defendants to Counterclaims-Appellees. Isaac MUKAMAL, Plaintiff, v. OCCIDENTAL PETROLEUM CORPORATION, Defendant-Appellant, and Dwight M. Cochran et al., Defendants to Counterclaims-Appellees. KERN COUNTY LAND COMPANY, a Delaware Corporation, Plaintiff-Appellee, and Stephen Abrams, Plaintiff-Intervenor, v. OCCIDENTAL PETROLEUM CORPORATION, a California Corporation, Defendant-Appellant, and Tenneco Inc., a Delaware Corporation, et al., Defendants to Counterclaims-Appellees. COLONIAL REALTY CORPORATION, Plaintiff, v. OCCIDENTAL PETROLEUM CORPORATION, Defendant-Appellant, and Kern County Land Company, a Delaware Corporation, et al., Defendants to Cross-Claims-Appellees.

United States Court of Appeals, Second Circuit.

Decided October 13, 1971.


Attorney(s) appearing for the Case

David R. Hyde, New York City (Cahill, Gordon, Sonnett, Reindel & Ohl, F. Arnold Daum, New York City, of counsel), for appellees Kern County Land Co. and others.

Whitney North Seymour, New York City (Simpson, Thacher & Bartlett, Bernhardt K. Wruble, Paul M. Stein, Kathryn Gabler, New York City, of counsel), and Phillips, Nizer, Benjamin, Krim & Ballon, New York City (Louis Nizer, Paul Martinson, Simon Rose, Neil A. Pollio, New York City, of counsel), for appellant Occidental Petroleum Corp.

Before FRIENDLY, Chief Judge, and MOORE and TIMBERS, Circuit Judges.


FRIENDLY, Chief Judge:

I.

This appeal by Occidental Petroleum Corporation from a summary judgment of $23,511,337.94, rendered against it in the District Court for the Southern District of New York, raises important questions with respect to the problems under § 16(b) of the Securities Exchange Act that may be encountered by the maker of a tender offer who finds himself outflanked by a "defensive merger," arranged by the target company, which is even...

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