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SAYLOR v. LINDSLEY

Nos. 474, 475, Dockets 71-1332, 71-1380.

456 F.2d 896 (1972)

J. Ralph SAYLOR, Plaintiff-Appellant, v. Thayer LINDSLEY et al., Defendants-Appellees, and Roseanne Horn, Michael J. McLaughlin, Objectors-Appellants, and Abraham I. Markowitz, Appellee.

United States Court of Appeals, Second Circuit.

Decided March 7, 1972.

Attorney(s) appearing for the Case

Lillian Eichman, New York City, for appellant Saylor.

Avrom S. Fischer, Brooklyn, N. Y., for appellant Horn.

Reeves & O'Brien, New York City, for appellant McLaughlin.

Herbert Jacobi, New York City (Wickes, Riddell, Bloomer, Jacobi & McGuire, New York City, of counsel), for appellees Lindsley, Stott, Zeckhausen, Northfield Mines, Inc. and Mines Inc.

Abraham I. Markowitz, pro se.

Before FRIENDLY, Chief Judge, and ANDERSON and MANSFIELD, Circuit Judges.

FRIENDLY, Chief Judge:

This appeal raises questions about the settlement of a stockholder's derivative action over the objection of the plaintiff. While we decline to lay down a rule that this may never be done, we hold that the procedures here followed did not adequately protect the right of plaintiff, and of other objecting stockholders, to develop a record which might show that the settlement was improvident.

The transaction here at issue, the two-step...

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