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HERM v. STAFFORD

Nos. 79-3002 and 79-3003.

663 F.2d 669 (1981)

Louis L. HERM; Bertha M. Herm; Andrew A. Jutt; Benjamin F. Williams; and Virginia Russ, on behalf of themselves and all other persons other than the defendants who purchased on or after September 11, 1968 any securities issued or sold by Daniel Boone Fried Chicken, Inc., Plaintiffs-Appellants, v. Daniel W. STAFFORD; Glenn Reynolds; Phillip T. Stafford; John L. Rollins; R. M. Pennington; Morris Burns; Leonard Nave; European Fast Foods, Inc.; Robert T. Harrold; Great Southern, Inc.; Albert B. Chandler, Sr.; J. Daniel Chandler; Dale S. Coenen; Howard N. Johnson; Space Research Center, Inc.; Jerry Lytton; Colonial Securities, Inc.; Carling Dinkler, Jr.; Joseph L. Arnold; John W. Morgan; Albert B. Chandler, Jr.; Whitney Dunlap; R. Haywood Alves; Murray A. Morguelan; James R. Spence; Rogers Badgett, Jr.; and Sammy Davis, Jr., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided November 3, 1981.

Opinion on Denial of Rehearing January 21, 1982.

Attorney(s) appearing for the Case

J. Vernon Patrick, Jr. (argued), Lee H. Zell, Thomas J. Gallo, Berkowitz, Lefkovitz & Patrick, Birmingham, Ala., Spencer E. Harper, Jr., William W. Davis, Harper, Ferguson & Davis, Louisville, Ky., for plaintiffs-appellants.

Edward A. Marye, Jr. (argued), Clay, Williamson, Rabe, Marye & Cowden, Mount Sterling, Ky., for defendants-appellees Alves, Chandler, Jr., and Dunlap.

W. Stuart McCloy, Sr. and W. Stuart McCloy, Jr. (argued), McCloy, Dudley, Yawn & McCloy, Memphis, Tenn., Joseph R. Gathright, Jr., McCoy, Brockman & Gathright, Louisville, Ky., for defendant-appellee Rogers Badgett, Jr.

Donald H. Balleisen (argued), Richard A. Getty, Greenebaum, Doll & McDonald, Louisville, Ky., for defendant-appellee Carling Dinkler, Jr.

Before LIVELY, ENGEL and KEITH, Circuit Judges.

ENGEL, Circuit Judge.

Plaintiffs, a class of persons who purchased Daniel Boone Fried Chicken (DBFC) stock after September 11, 19681 or received such stock in a merger with Commonwealth Security Investors (CSI), appeal from summary judgment entered against them in this securities case.

The district court granted summary judgment in favor of the defendants based on the expiration of the statute of limitations. There are three basic...

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