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BERGER v. GENERAL UNITED GROUP, INC.

No. 60567.

268 N.W.2d 630 (1978)

James B. BERGER et al., Appellants, v. GENERAL UNITED GROUP, INC., et al., Appellees.

Supreme Court of Iowa.

Rehearing Denied September 14, 1978.

Attorney(s) appearing for the Case

David C. Bayne, Iowa City, William R. Stengel, Jr., of Coyle & Gilman, Rock Island, Ill., and Bennett Cullison, Jr., of Cullison & Cullison, Harlan, for appellants.

C. Carleton Frederici and Patricia A. Shoff, of Thoma, Schoenthal, Davis, Hockenberg & Wine, Des Moines, and J. Asa Rountree and Mary Jo White, of Debevoise, Plimpton, Lyons & Gates, New York City, for appellees.

Considered by MOORE, C. J., and MASON, RAWLINGS, UHLENHOPP and REYNOLDSON, JJ.

REYNOLDSON, Justice.

Plaintiffs in this derivative action were stockholders in General United Group, Incorporated (GUG), an Iowa insurance holding company. They alleged defendant Wheelabrator-Frye, Inc. secured control of GUG by purchasing the stock of defendants, GUG president Chapman and chairman Schroeder, for $1.3 million over its fair market value, which constituted a commercial bribe. The twice-substituted petition ultimately alleged GUG was merged in 1973 into...

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