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MAHER v. ZAPATA CORP.

Civ. A. No. H-79-234.

490 F.Supp. 348 (1980)

John F. MAHER et al., Plaintiffs, v. ZAPATA CORPORATION et al., Defendants.

United States District Court, S. D. Texas, Houston Division.

May 27, 1980.

Attorney(s) appearing for the Case

Jess Hall, Jr., Liddell, Sapp, Zivley & Brown, Houston, Tex., for plaintiffs.

Robert A. Hall, Woodard, Hall & Primm, John L. McConn, Jr., Butler, Binion, Rice, Cook & Knapp, John C. Held, Baker & Botts, Houston, Tex., for defendants.

MEMORANDUM AND ORDER:

NORMAN W. BLACK, District Judge.

Plaintiffs filed this shareholders' derivative suit pursuant to the federal securities laws, the Texas Business Corporation Act and the common law. Plaintiffs have not made demand upon Zapata or its Directors to bring this suit. Plaintiffs argue that the demand would have been futile since all of the present members of the Board (not including the special committee, infra) are defendants in the...

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