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FEDERAL DEPOSIT INS. CORP. v. AMERICAN BANK TRUST SHARES, INC.

No. 79-1013.

629 F.2d 951 (1980)

FEDERAL DEPOSIT INSURANCE CORPORATION, Appellees, v. AMERICAN BANK TRUST SHARES, INC. (ABTS); Howard H. Lamar; H. Ciremba Amick; William F. Lambert; Harry L. Parker; Banks H. Good; Augustus T. Allen; Douglas R. Bryant; Robert B. Fickling; Dr. James H. Vallentine; Marshall B. Williams; J. W. Wall, Jr.; Albert E. Odum; William H. Greer; Luther H. Adden; Carl Joe Taylor; individually and as a shareholder of ABTS, suing on behalf of himself and all other shareholders of said corporation, and for the benefit of said corporation's subsidiary company, American Bank & Trust; and Sadie G. Schein, individually and suing on behalf of all other capital note holders of American Bank & Trust, Appellees, and Sidney Robinson Bagby, Dr. O. J. Ryan; A. G. Dwyer; Estate of Dr. C. P. Ryan, Sr., by its Executor Dr. C. P. Ryan, Jr.; J. E. Smith; G. J. Getsinger; Weldon E. Wall; Catherine H. Hightower; R. P. Preacher; H. Kleigh Purdy, Jr.; Dr. T. B. Carroll, Jr.; Harold Wall; A. G. Martin; J. Glenn Jarrell; J. W. Wall, Sr.; F. A. Nimmer, Jr., suing derivatively on behalf of American Bank Trust Shares, Inc., (ABTS), and on behalf of themselves and as representatives of a class of persons certified by the United States District Court for South Carolina as all persons, other than American Mortgage Corporation; H. Ciremba Amick; Forrest K. Abbott; Luther H. Adden, Jr.; Augustus T. Allen; Douglas R. Bryant, Sr.; Robert B. Fickling; Banks H. Good; James H. Gressette; Dick Gregg McTeer; Jack G. Vallentine; Marshall B. Williams; Howard H. Lamar, Jr.; William F. Lambert; Harry L. Parker; Grady Wade; J. W. Wall; Richard Greer; William H. Southworth; Edward Bagwell; Edward Linsey; Lloyd Hendrix; Albert Odum; J.B. Perry; Keith B. Belser; Jimmy L. Marden; Scott W. Waldron; William B. Moore; Ted O. McGee; Carl Joe Taylor; F.L. Roebuck; R.D. Roebuck; First Provident Corporation of South Carolina; Paul Thomas; Sunburst Development Company, Inc.; and Trippett Boineau who, on September 20, 1974, owned common stock in American Bank Trust Shares, Inc., Appellants.

United States Court of Appeals, Fourth Circuit.

Decided August 14, 1980.

Attorney(s) appearing for the Case

W. Eugene Rutledge, Anniston, Ala. (Rutledge, Williams, Williams & Norton, Anniston, Ala., Pritchard, Myers, Morrison, Bloom & Rutledge, Charleston, S.C., on brief), for appellants.

J. Randolph Pelzer (Pelzer & Associates, North Charleston, S.C., Charles H. Gibbs, Sinkler, Gibbs & Simons, Charleston, S.C., Federal Deposit Ins. Corp. on brief), for appellees.

Before HAYNSWORTH, Chief Judge, SPROUSE, Circuit Judge, and HOFFMAN, Senior District Judge.

HAYNSWORTH, Chief Judge:

This case arises out of the failure of American Bank and Trust Company, a branch bank chartered under the laws of the State of South Carolina. The contest is primarily between the Federal Deposit Insurance Corporation, the receiver of the bank and transferee of some of its assets, and a group of shareholders of the holding company which owned the bank's stock. Each side seeks the exclusive right to...

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