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CLARK v. LOMAS & NETTLETON FINANCIAL CORP.

No. 78-2973.

625 F.2d 49 (1980)

Gerald CLARK et al., Plaintiffs-Appellants, v. LOMAS & NETTLETON FINANCIAL CORPORATION et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

August 28, 1980.

Attorney(s) appearing for the Case

Jay S. Fichtner, Douglas E. Yeager, Dallas, Tex., David Berger, Philadelphia, Pa., for plaintiffs-appellants.

Locke, Purnell, Boren, Laney & Neely, Stanley E. Neely, Stephen Philbin, Dallas, Tex., Beale Dean, Brown, Herman, Scott, Dean & Miles, Fort Worth, Tex., for Lomas & Nettleton Financial Corp., The Lomas & Nettleton Co., Lomas & Nettleton West, Inc., Jess T. Hay, Albert Rohnstedt, Dewitt T. Ray, John Sexton & James B. Gardner.

Saner, Jack, Sallinger & Nichols, Tim Kirk, Dallas, Tex., for NCS Computing Corp., now known as Booth, Inc.

Rain, Harrell, Emery & Doke, Stan McMurry, Dallas, Tex., for Guy W. Rucker, Martin T. Whitmer & Jack J. Booth.

Geary, Stahl, Koons, Rohde & Spencer, Joseph W. Geary, Gerald P. Urbach, Dallas, Tex., for Ernst & Ernst.

Jackson, Walker, Winstead, Cantwell & Miller, John Lancaster, III, Dallas, Tex., for Richard Rogers & Dan Busbee.

Before SIMPSON, HILL and HATCHETT, Circuit Judges.

JAMES C. HILL, Circuit Judge:

NCS Computer Corp. [NCS], a Texas corporation, was formed in 1968 to develop and market computer software. The following year, Lomas & Nettleton Financial Corp. [LNFC] allegedly acquired "control" of NCS by inducing it to issue shares in consideration of a service contract that, it is alleged, LNFC never intended to perform. Once in "control," LNFC allegedly set about to "dismantle" NCS, installing its own slate of directors who allegedly...

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