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BASTIAN v. LAKEFRONT RLTY. CORP.

Nos. 77-2065, 77-2066.

581 F.2d 685 (1978)

Robert L. BASTIAN, on behalf of himself and all others similarly situated, and as a derivative action on behalf of the shareholders of Lakefront Realty Corporation, Plaintiff-Appellant, v. LAKEFRONT REALTY CORPORATION, an Illinois Corporation, and Joseph N. Scanlan, an Individual, Defendants-Appellees, and Northwestern University, Intervening Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 9, 1978.

Attorney(s) appearing for the Case

Richard T. Zwirner, Chicago, Ill., for plaintiff-appellant.

Robert A. Downing, Sidney Z. Karasik, Chicago, Ill., for defendants-appellees.

Before FAIRCHILD, Chief Judge, and PELL and WOOD, Circuit Judges.

PELL, Circuit Judge.

The Lake Shore Club of Chicago (the Club) is a private social and athletic organization which, at the time this case was filed, occupied the land and the 18-story building known as 850 Lake Shore Drive in Chicago. Lakefront Realty Corporation (Lakefront) was formed by the Club in 1947 as a separate corporation to hold and maintain the 850 property and to lease it to the Club. Only Club members were eligible to own Lakefront stock. Lakefront was...

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