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PIERSON v. UNITED STATES

Civ. A. No. 75-218.

472 F.Supp. 957 (1979)

John Lewis PIERSON, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, D. Delaware.

April 24, 1979.

Attorney(s) appearing for the Case

Charles S. Crompton, Jr., Potter, Anderson & Corroon, Wilmington, Del., James S. Eustice, Stephen D. Gardner and Max Folkenflik, Kronish, Lieb, Shainswit, Weiner & Hellman, New York City, John H. Schafer and Charles Lister, Covington & Burling, Washington, D. C., for plaintiff.

James W. Garvin, Jr., U. S. Atty., and John H. McDonald, Asst. U. S. Atty., Dept. of Justice, Wilmington, Del., Carr M. Ferguson, Asst. Atty. Gen., John J. McCarthy and D. Patrick Mullarkey, Dept. of Justice, Gerald Backer, Hu S. Vandervort, Theodore J. Kletnick and Michael J. Cooper, Internal Revenue Service, Washington, D. C., for defendant.

OPINION

MURRAY M. SCHWARTZ, District Judge.

The plaintiff in this action, John Lewis Pierson, is one of over 17,000 former shareholders of the Hartford Insurance Company ("Hartford") who exchanged their Hartford stock for shares of the International Telephone and Telegraph Corporation ("ITT") Series N voting convertible preferred stock, pursuant to an exchange offer made by ITT in 1970. Mr. Pierson contends that this exchange offer qualified as a tax-free...

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