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RESERVE LIFE INS. CO. v. PROVIDENT LIFE INS. CO.

No. 73-1241.

499 F.2d 715 (1974)

RESERVE LIFE INSURANCE COMPANY and Midland National Life Insurance Company, Appellants, v. PROVIDENT LIFE INSURANCE COMPANY et al., Appellees.

United States Court of Appeals, Eighth Circuit.

Decided June 21, 1974.

As amended on Denial of Rehearing July 29, 1974.

Attorney(s) appearing for the Case

Alan L. Austin, Watertown, S. D., for appellants.

John A. Zuger, Bismarck, N. D., for appellees.

Before LAY and BRIGHT, Circuit Judges, and EISELE, District Judge.

BRIGHT, Circuit Judge.

This lawsuit originates in the efforts of management and directors of Provident Life Insurance Company (Provident), a North Dakota insurance corporation, to thwart attempts by outside interests to obtain a controlling interest in the company. In 1955, the principal officers and certain stockholders of Provident organized a voting trust for a 15-year term expiring November 15, 1970. The trust eventually procured the voting control of more than...

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