WILLIAMS v. SCHATZ MFG. CO.

Nos. 68 Civ. 2277 and 68 Civ. 2276.

449 F.Supp. 147 (1977)

Petra WILLIAMS, Individually and as a shareholder of the Schatz Manufacturing Company, suing on behalf of herself and all other shareholders of the Schatz Manufacturing Company, similarly situated and in the right of the Schatz Manufacturing Company, Plaintiff, v. The SCHATZ MANUFACTURING COMPANY, George R. Bennett, Jr., James E. Neighbors, Jr., Frederick W. Recknagel and "John Doe", Defendants. Petra WILLIAMS, Individually and as a shareholder of the Federal Bearings Co., Inc., suing on behalf of herself and all other shareholders of the Federal Bearings Co., Inc., similarly situated and in the right of the Federal Bearings Co., Inc., Plaintiff, v. The FEDERAL BEARINGS CO., INC., George R. Bennett, Jr., James E. Neighbors, Jr., Dan G. Fichter, Frederick W. Recknagel, Ernestine S. Neighbors, John W. Bahret, Jr., "John Doe" and "Richard Roe", Defendants.

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

April 29, 1977.


Attorney(s) appearing for the Case

Benedict Ginsberg, New York City, for plaintiff.

John N. Cole, Stamford, Conn., for defendants George R. Bennett, Jr., James E. Neighbors, Jr., and Frederick W. Recknagel.

Robert B. Van DeWater, Van DeWater & Van DeWater, Poughkeepsie, N. Y., for defendant The Federal Bearings Co., Inc.

Russell E. Aldrich, Aldrich & MacDonald, Poughkeepsie, N. Y., for defendant Dan G. Fichter.


OPINION

SOLOMON, Senior District Judge, Sitting by Designation:

Plaintiff, Petra Williams, individually and as a shareholder of The Federal Bearings Co., Inc. (Federal) and The Schatz Manufacturing Company (Schatz), filed actions against these two corporations and against certain of their officers and directors to require them to distribute substantial portions of the corporations' accumulated surpluses to the shareholders and to repay to the corporations...

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