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JOHNSON v. TRUEBLOOD

No. 79-1892.

629 F.2d 287 (1980)

JOHNSON, Gilbert P. and Johnson, Hervey M. v. Samuel J. TRUEBLOOD, Arnold E. Trueblood, Harvey I. Salwen, and Penn Eastern Development Company Gilbert Johnson and Hervey Johnson, Individually and derivatively on behalf of Penn Eastern Development Corporation, Appellants.

United States Court of Appeals, Third Circuit.

Decided July 31, 1980.

As Amended August 19, 1980.

Attorney(s) appearing for the Case

Myron M. Cherry (argued), Cherry, Flynn & Kanter, Chicago, Ill., Drinker, Biddle & Reath, Philadelphia, Pa., for appellants.

Steven E. Angstreich (argued), Martin M. Krimsky, Krimsky, Luterman, Stein & Levy, Philadelphia, Pa., for appellees, Samuel & Arnold Trueblood.

Richard M. Squire (argued), Roslyn G. Pollack, Cohen, Shapiro, Polisher, Shiekman & Cohen, Philadelphia, Pa., for appellee, Harvey I. Salwen.

Before SEITZ, Chief Judge, and ROSENN and HIGGINBOTHAM, Circuit Judges.

OPINION OF THE COURT

SEITZ, Chief Judge.

The plaintiffs, Gilbert and Hervey Johnson, appeal from a judgment for the defendants, majority shareholders and directors of Penn Eastern Development Co., in this diversity suit charging the defendants with fraud and breach of fiduciary duty under Delaware law.

I.

The present controversy centers on the conduct of the affairs of Penn Eastern, incorporated in June 1968 as a real estate development...

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