U.S. STEEL AND CARNEGIE PENSION FUND, INC. v. ORENSTEIN

No. 878, Docket 76-7528.

557 F.2d 343 (1977)

UNITED STATES STEEL AND CARNEGIE PENSION FUND, INC., Connecticut Mutual Life Insurance Company, and the National Bank of Commerce of Dallas (as Trustee of the Omega-Alpha, Inc. Pool Trust), Plaintiffs-Appellants, v. Henry ORENSTEIN, First National City Bank, Hayden Stone Inc., Bernstein-Macauley, Inc., Roger S. Berlind, and Sanford I. Weill, Defendants, and First National City Bank, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided June 16, 1977.


Attorney(s) appearing for the Case

Robert A. Bicks, New York City (Joseph P. Dailey, Randall T. Sims and Breed, Abbott & Morgan, New York City, of counsel), for plaintiffs-appellants.

W. Foster Wollen, New York City (Michael W. Lillie, Barbara Bamford, Thomas M. Geisler, Jr., and Shearman & Sterling, New York City, of counsel), for defendant-appellee.

Before MEDINA and OAKES, Circuit Judges, and MISHLER, District Judge.


PER CURIAM:

In 1971, Topper Corporation, then the fifth largest domestic toy manufacturer, proposed a private placement of convertible subordinate debentures in order to reduce its over-advanced position under a $20 million, non-notification, revolving loan agreement with the First National City Bank ("Citibank"). With the aid of Hayden Stone, Inc., a leading investment banker, and Arthur Young & Co., a large firm of certified public accountants, both a Private...

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