Nos. 1037-1039, Dockets 77-7013, 77-7014, 77-7074.

560 F.2d 1078 (1977)

BROWNING DEBENTURE HOLDERS' COMMITTEE, on behalf of itself, of its Members and of all other Holders of 6% Convertible Subordinated Debentures Due July 1, 1987 of DASA Corporation, etc., Simms C. Browning, etc., and Roy E. Brewer, etc., Plaintiffs-Appellants, v. DASA CORPORATION et al., Arthur Andersen & Co., etc., and the Bank of New York, Trustee under the Indenture dated as of July 1, 1967 between the Bank of New York and DASA Corporation, etc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided August 11, 1977.

Attorney(s) appearing for the Case

Jerold Oshinsky, New York City (R. Mark Keenan, Anderson, Russell, Kill & Olick, P. C., New York City, of counsel), for plaintiff-appellant Simms C. Browning.

Bradley R. Brewer, New York City (Brewer & Soeiro, New York City, of counsel), for appellants Roy E. Brewer and Bradley R. Brewer.

I. Michael Bayda, New York City (Jacobs, Persinger & Parker, New York City, of counsel), for defendants-appellees DASA Corp., Ernest T. Greeff, Robert LeBuhn, Edgar B. Stern, Jr., Ronald W. Bolivar and Richard A. Reichter.

James D. Zirin, New York City (Edward J. Ross, Robert G. Kuhbach, Breed, Abbott & Morgan, New York City, Charles W. Boand, Wilson & McIlvaine, Chicago, Ill., of counsel), for defendant-appellee Arthur Andersen & Co.

David M. Olasoy, New York City (Edward W. Keane, Sullivan & Cromwell, New York City, of counsel), for defendant-appellee The Bank of New York.

Before LUMBARD, MANSFIELD and GURFEIN, Circuit Judges.

MANSFIELD, Circuit Judge:

This suit by certain holders of 6% convertible subordinated debentures1 issued by DASA Corporation (DASA) and due in 1987 is based on alleged false and misleading statements and breaches of fiduciary duty in connection with proxy statements used by DASA for its 1972 annual meeting and a solicitation letter dated March 9, 1972, sent by DASA to the debenture holders requesting permission to sell certain DASA assets...

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