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CLAGETT v. HUTCHISON

No. 77-1420.

583 F.2d 1259 (1978)

C. Thomas CLAGETT, Jr., trustee, and Ira S. Siegler, trustee, and the Riggs National Bank of Washington, D. C. (a National Banking Association organized and operating under the National Banking Laws of the United States of America), trustee, and John Lawson Senior, Jr., Appellants, v. Richard H. HUTCHISON, Jr., and Steven Sobechko, and James Sobechko, and Joseph E. Shamy, and Mike Brown and Daniel J. Rizk, Appellees.

United States Court of Appeals, Fourth Circuit.

Decided September 14, 1978.

Attorney(s) appearing for the Case

Francis D. Murnaghan, Jr., Baltimore, Md. (Benjamin Rosenberg and John W. Scheflen, Baltimore, Md., on brief), for appellants.

Lawrence S. Greenwald, Baltimore, Md. (Edward E. Obstler, Perry M. Gould, Gordon, Feinblatt, Rothman, Hoffberger & Hollander, Baltimore, Md., Charles H. Burton, Thomas E. Patton, Kurrus & Ash, Washington, D. C., on brief), for appellees.

Before BRYAN, Senior Circuit Judge, and BUTZNER and HALL, Circuit Judges.

K. K. HALL, Circuit Judge:

This appeal arises out of a civil action commenced by C. Thomas Clagett, Jr., and others who were minority shareholders of the Laurel Harness Racing Association, Inc. (Laurel). Jurisdiction was predicated upon diversity of citizenship. The plaintiffs sought recovery of monetary damages from Richard H. Hutchison, Jr. (Hutchison), once the majority controlling common stockholder of Laurel, and the subsequent purchasers of all or a portion...

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