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RODMAN v. GRANT FOUNDATION

No. 744, Docket 78-7619.

608 F.2d 64 (1979)

Charles G. RODMAN, Trustee of the Estate of W. T. Grant Company, Bankrupt, Plaintiff-Appellant, v. The GRANT FOUNDATION, the Connecticut Bank and Trust Company, Individually and as Trustee of Trusts established in December 1942 and May 1956 for the benefit of Helen Grant Biddle Allchin, Edward Staley, Richard W. Mayer, John G. Byler, Raymond H. Fogler, John C. Curtin, Harry E. Pierson, A. Richard Butler, John J. LaPlante, Joseph A. Livolsi, Louis C. Lustenberger, James G. Kendrick, Joseph W. Chinn, Jr., John D. Gray, Joseph Hinsey, DeWitt Peterkin, Jr., Charles F. Phillips, and Asa T. Spaulding, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided October 12, 1979.

Attorney(s) appearing for the Case

Dennis J. Block, New York City (Weil, Gotshal & Manges, New York City, Harvey R. Miller, Mel P. Barkan, Irwin H. Warren, New York City, of counsel), for plaintiff-appellant.

James W. Lamberton, New York City (Cleary, Gottlieb, Stein & Hamilton, New York City, Victor I. Lewkow, Thomas J. Moloney, Jane Winer, New York City, of counsel), for defendants-appellees Staley, Mayer, Byler, Fogler, Curtin, Pierson, Butler, Lustenberger, Kendrick, Chinn, Gray, Hinsey, Peterkin, Phillips and Spaulding.

Thomas C. Morrison, New York City (Patterson, Belknap, Webb & Tyler, New York City, Thomas Thacher and Thomas C. Morrison, New York City, of counsel), for defendant-appellee The Grant Foundation.

Lord, Day & Lord, New York City (John W. Castles 3d, Henry deForest Baldwin, Genevieve L. Fraiman, James M. Morrissey, New York City, of counsel), for defendant-appellee The Connecticut Bank and Trust Co.

Before SMITH, OAKES and VAN GRAAFEILAND, Circuit Judges.

VAN GRAAFEILAND, Circuit Judge:

This lawsuit represents an attempt by the Trustee in Bankruptcy of W. T. Grant Company to undo certain purchases by the Company of its own stock made between 1969 and 1972. The Company was adjudicated a bankrupt in 1976, and its stock is now worthless. The complaint, alleging federal securities law violations, demands rescission of the transactions or, in the alternative, damages representing the full purchase price.

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