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ULLOA v. GUAM ECONOMIC DEVELOPMENT AUTHORITY

Nos. 77-2509, 77-3538.

580 F.2d 952 (1978)

David J. ULLOA, Richard F. Ulloa and Johnny Guevara Sablan, Plaintiffs-Appellants, v. GUAM ECONOMIC DEVELOPMENT AUTHORITY, a Public Corporation, and Lee M. Holmes, Defendants-Appellees. Robert E. HALSEY, Joan M. Halsey and Richard G. Cruz, Plaintiffs-Appellants, v. GUAM ECONOMIC DEVELOPMENT AUTHORITY, a Public Corporation, and Lee M. Holmes, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

August 16, 1978.

Attorney(s) appearing for the Case

Robert D. Wyatt (argued), John A. Bohn (argued), Agana, Guam, for plaintiffs-appellants.

George T. Okamura of Damon, Shigekane, Key & Char, Honolulu, Hawaii, for David J. Ulloa et al.

J. Bradley Klemm (argued), of Klemm, Dear & Lawrence, Agana, Guam, and Vernon F. L. Char (argued), Damon, Shigekane, Key & Char, Honolulu, Hawaii, for Robert E. Halsey et al.

Before CHAMBERS and WALLACE, Circuit Judges, and WONG, District Judge.

WONG, District Judge:

Appellants in consolidated Case Nos. 77-2509 and 77-3538 are six of the 16 former shareholders of Marianas Communications Systems, Inc. ("MCS"), a Guam corporation founded in 1968 for the purpose of establishing a cable television system for Guam and the Northern Marianas.1 By 1969, the corporation was in need of extra funds, and the officers and shareholders of MCS sought...

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