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WOLGIN v. STATE MUT. INVESTORS

265 Pa.Super. 525 (1979)

402 A.2d 669

J.L. WOLGIN, on behalf of himself and others similarly situated, and derivatively on Behalf of the State Mutual Investors, a Massachusetts unincorporated association, Appellants, v. STATE MUTUAL INVESTORS, State Mutual Life Assurance Co. of America, the American Group Management Corp., W. Douglas Bell, Trustee, Francis H. Dewey, III, Trustee, Roland A. Erickson, Trustee, Frederick Fedeli, Trustee, Michael Greenbaum, Trustee, Jacob Hiatt, Trustee, Bartow Kelly, Trustee, Thomas R. Mulroy, Trustee, Stewart F. Oakes, Trustee, James T. Wilcox, Trustee, Frederick Fedeli, Executor of the Estate of Richard H. Wilson, Dec'd., Trustee, and John E. Sawyer, Trustee.

Superior Court of Pennsylvania.

Decided April 20, 1979.

Attorney(s) appearing for the Case

David Berger, Philadelphia, and with him Stanley R. Wolfe and Russell D. Henkin, Philadelphia, for appellants.

Lewis H. Van Dusen, Philadelphia, and with him Sarah M. Thompson, Philadelphia, for appellees State Mut. Investors, Dewey, Greenbaum, Hiatt, Kelly, Mulroy, Oakes and Sawyer.

Otis W. Erisman, Philadelphia, and with him Nicholas E. Chimicles, Philadelphia, for appellees State Mut. Life Assur. Co., America Group Management Corp., Bell, Erickson, Fedeli, etc., and Wilcox.

Before CERCONE, HESTER and HOFFMAN, JJ.

HESTER, Judge:

This is an appeal from an order of the Court of Common Pleas of Philadelphia County, dismissing appellants' complaint.

Appellant owns $76,000 worth (face value) of 6¾% subordinated convertible debentures issued by State Mutual Investors, a Massachusetts Trust Company. The action below was brought by appellant against State Mutual Investors (Investors), its Trustees, State Mutual Life Company (which formed Investors in 1970 as a Real Estate...

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