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BANGOR & AROOSTOOK R. CO. v. BANGOR PUNTA OPERATION, INC.

No. 73-1059.

482 F.2d 865 (1973)

BANGOR AND AROOSTOOK RAILROAD COMPANY et al., Plaintiffs, Appellants, v. BANGOR PUNTA OPERATIONS, INC., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided August 3, 1973.

Attorney(s) appearing for the Case

Edward T. Robinson and Alan L. Lefkowitz, Boston, Mass., with whom Ely, Bartlett, Brown & Proctor, Boston, Mass., and Roger A. Putnam, Howard H. Dana Jr., and Verrill, Dana, Philbrick, Putnam & Williamson, Portland, Me., were on brief, for plaintiffs-appellants.

James V. Ryan, New York City, with whom C. Kenneth Shank, Jr., Bruce Topman, Webster, Sheffield, Fleischmann, Hitchcock & Brookfield, New York City, and Sumner T. Bernstein, Herbert H. Sawyer and Bernstein, Shur, Sawyer & Nelson, Portland, Me., were on brief, for defendants-appellees.

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

LEVIN H. CAMPBELL, Circuit Judge.

A Maine railroad corporation and its wholly-owned subsidiary bring this action against their former owners, seeking damages under the federal anti-trust and securities laws, and under state law, for the alleged "looting" of the railroad in 1960-67 when the defendants were in control. Over 99% of its stock was purchased from the old owners after the alleged wrongs. The district court granted defendants' motion for summary judgment...

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