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OWEN v. MODERN DIVERSIFIED INDUS., INC.

Nos. 79-1050-51, 79-1066.

643 F.2d 441 (1981)

Clyde C. OWEN, Plaintiff-Appellant, v. MODERN DIVERSIFIED INDUSTRIES, INC. et al., Defendants-Appellees. Clyde C. OWEN, Plaintiff-Appellant, Cross-Appellee, v. MODERN DIVERSIFIED INDUSTRIES, INC., Defendant-Appellee, Cross-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided March 11, 1981.

Attorney(s) appearing for the Case

Everett B. Gibson and Gregory B. Fletcher, Laughlin, Halle, Regan, Clark & Gibson, Memphis, Tenn., Clyde C. Owen, Jr., Ball, Ball, Duke & Matthews, P. A., Albert W. Copeland, Hobbs, Copeland, Franco & Screws, Montgomery, Ala., for plaintiff-appellant, cross-appellee.

Frank A. Lightmas, Jr., Edgar H. Sims, Jr., Kutak, Rock & Huie, Atlanta, Ga., John W. Slater, Jr., George E. Morrow, Martin, Tate, Morrow, Marston, Robert Johnson, Donald R. Wellford and Mary Lee Wolff, Memphis, Tenn., for defendant-appellee, cross-appellant.

Before KENNEDY and JONES, Circuit Judges, and PHILLIPS, Senior Circuit Judge.

PHILLIPS, Senior Circuit Judge.

Can the holder of a small number of shares of corporate stock of minimal value, who also owns debentures of substantial value, issued by the same corporation, and whose stated primary concern is to protect his investment in debentures, maintain a derivative action under Fed.R.Civ.P. 23.1?1 The district judge held that plaintiff-appellant Clyde C. Owen does not "fairly and adequately represent the shareholders...

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