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SCHY v. FEDERAL DEPOSIT INS. CORP.

No. 72-C-718.

465 F.Supp. 766 (1977)

Maurice H. SCHY and The Susquehanna Corporation, Plaintiffs, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Franklin National Bank, and National Bank of North America, Defendants.

United States District Court, E. D. New York.

As Amended October 31 and November 4, 1977.

Attorney(s) appearing for the Case

Pomerantz, Levy, Haudek & Block, New York City, Dilworth, Paxson, Kalish, Levy & Kauffman, Philadelphia, Pa., for plaintiffs; Abraham L. Pomerantz, and Richard M. Meyer, New York City, Bruce W. Kauffman, David H. Pittinsky, and Lawrence D. Berger, Philadelphia, Pa., of counsel.

Cahill, Gordon & Reindel, Cole & Dietz, New York City, for defendant National Bank of North America; David R. Hyde, New York City, of counsel.

Kay, Scholer, Fierman, Hays & Handler, New York City, for defendant Federal Deposit Insurance Corp.

Memorandum of Decision and Order

MISHLER, Chief Judge.

Defendants, by a motion attacking the sufficiency of the claim pursuant to Rule 12(b)(6) F.R.Civ.P., challenge plaintiffs' right to prosecute this action. The Susquehanna Corporation complains that various loans made by the defendant banks to finance its tender offer for a control block of PASCO (Pan American Sulphur Co.) stock were indirectly secured in violation of section 7 of the Securities Exchange...

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