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CBI INDUSTRIES, INC. v. HORTON

No. 82-1262.

682 F.2d 643 (1982)

CBI INDUSTRIES, INC., Plaintiff-Appellee, v. John T. HORTON, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided June 25, 1982.

Attorney(s) appearing for the Case

Calvin Sawyier, Winston & Strawn, Chicago, Ill., for defendant-appellant.

Michael M. Conway, Hopkins & Sutter, Chicago, Ill., for plaintiff-appellee.

Before WOOD and POSNER, Circuit Judges, and FOREMAN, Chief Judge.

POSNER, Circuit Judge.

Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b), provides, so far as is immediately relevant here, that if a corporate director sells shares in his company and then, within six months, buys shares in the company, "any profit realized by him" shall be recoverable in a suit by the company. Thus, if a director sold 1000 shares in his company for $60 a share and within six months bought 1000 shares for $40, the company...

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