GROSS v. DIVERSIFIED MORTG. INVESTORS

Nos. 75 Civ. 1806, 75 Civ. 1001, 75 Civ. 1745 and 74 Civ. 3035.

431 F.Supp. 1080 (1977)

Myra GROSS, Plaintiff, v. DIVERSIFIED MORTGAGE INVESTORS et al., Defendants. Harry LEWIS, Plaintiff, v. Gordon E. EMERSON, Jr., et al., Defendants. Abraham WECHSLER, on behalf of himself and all others similarly situated, Plaintiff, v. DIVERSIFIED MORTGAGE INVESTORS et al., Defendants. Michael C. DUBAN, Individually and as Trustee for Saul and Gertrude Duban U/T/D March 6, 1972, and Roberta Duban as Custodian for Lauren Duban and Melissa Duban, minors, on behalf of themselves and as a Class, Plaintiffs, v. DIVERSIFIED MORTGAGE INVESTORS et al., Defendants.

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

February 25, 1977.


Attorney(s) appearing for the Case

Snow & Becker, Charles Snow, New York City, for plaintiffs Michael Duban et al., and Anne Meyer.

Cole & Deitz, Albert D. Jordan, New York City, for defendants Continental Inv. Corp. and Diversified Advisors, Inc.

Eliot H. Lumbard, New York City, for defendants Hornblower & Weeks-Hemphill, Noyes Inc. and Blancke Noyes.

Dewey, Ballantine, Bushby, Palmer & Wood, Hugh N. Fryer, New York City, for defendant Price, Waterhouse & Co.

Burns, Jackson, Miller, Summit & Jacoby, Stuart A. Summit, Gary L. Maddock, New York City, Gaston Snow and Ely Bartlett, Peter Saparoff, Boston, Mass., for defendants Diversified Mortg. Investors, Julius Jensen III, Gordon E. Emerson, Jr., George M. Lovejoy, Jr., James V. Rice, Bayard Henry, William Royce Moore, William E. Palmer, Bernie O. Snoddy and R. M. Norris.

Kass, Goodkind, Wechsler & Gerstein, Stuart Wechsler, New York City, for plaintiff Wechsler.

Wolf, Popper, Ross, Wolf & Jones, Eric L. Keisman, New York City, for plaintiff Gross.

Stull, Stull & Brody, Robert Stull, New York City, for plaintiff Lewis.


MEMORANDUM DECISION

GAGLIARDI, District Judge.

These four actions have been brought under various provisions of the securities laws on behalf of certain purchasers of the stock of Diversified Mortgage Investors ("DMI"). Defendant DMI is a real estate investment trust within the meaning of Sections 856 through 858 of the Internal Revenue Code of 1954, as amended, organized under the laws of the State of Massachusetts. At all times material to these actions...

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