PORTNOY v. REVLON, INC.

No. 80-2374.

650 F.2d 895 (1981)

Leo P. PORTNOY, Plaintiff-Appellant, v. REVLON, INC., a Delaware Corporation, and Cooper Laboratories, Inc., a Delaware Corporation, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 3, 1981.


Attorney(s) appearing for the Case

Jerrold M. Shapiro, Chicago, Ill., for plaintiff-appellant.

Joan M. Hall, Jenner & Block, Chicago, Ill., for defendants-appellees.

Before FAIRCHILD, Chief Circuit Judge, PECK, Senior Circuit Judge, and SPRECHER, Circuit Judge.


SPRECHER, Circuit Judge.

This case presents the question of whether there was a "sale" of stock within the meaning of Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b),1 upon the execution of a formal merger agreement that contained several material conditions precedent to closing. Plaintiff, Leo P. Portnoy, brought this action under § 16(b) on behalf of Revlon...

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