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VALENTE v. DENNIS

No. 76-1493.

437 F.Supp. 783 (1977)

David A. VALENTE, Josephine M. Valente and Bruce D. Emig, Plaintiffs, v. John W. DENNIS, Morton R. Levy, Raymond G. Perelman, Ronald O. Perelman, Howard W. Seiple, Robert W. Moore, Theodore Lightcap, Stanley F. Hahn, Irving W. Coleman, Jack B. May, Warran B. Pattiz, Joan R. Pattiz, Clarke E. Sechler, Bernard Bergman, William Brandeis, Howard O. Jones, Defendants.

United States District Court, E. D. Pennsylvania.

August 3, 1977.

Attorney(s) appearing for the Case

David F. Dunn, Allentown, Pa., for plaintiffs.

Alan C. Kauffman, Bernard Bergman, Philadelphia, Pa., Irving W. Coleman, Allentown, Pa., for defendants.

MEMORANDUM

RAYMOND J. BRODERICK, District Judge.

Plaintiffs herein are shareholders of Municipal Leasing Systems (MLS), a Pennsylvania corporation.1 Each of the defendants is, or has been at allegedly relevant times, a member of the Board of Directors of the Northampton National Bank of Easton (Bank). During the period in question, MLS was a customer and borrower of the Bank. The complaint alleges that various acts of mismanagement...

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