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MALDONADO v. FLYNN

Nos. 175, 523, Dockets 80-7221, 80-7253.

671 F.2d 729 (1982)

William MALDONADO, Plaintiff-Appellant-Cross-Appellee, v. William H. FLYNN, Sam Israel, Jr., A. G. Gueymard, J. B. Harrison, Ronald C. Lassiter, B. J. Mackin, Michael R. Naess, Eugene F. Shiels, Robert B. Wall, Defendants-Appellees, and Zapata Corporation, Defendant-Appellee-Cross-Appellant.

United States Court of Appeals, Second Circuit.

Decided February 9, 1982.

Attorney(s) appearing for the Case

Bruce E. Gerstein, New York City (Bertram Bronzaft, Garwin, Bronzaft & Gerstein, New York City, of counsel), for plaintiff-appellant-cross-appellee.

Thomas J. Kavaler, New York City (Thomas F. Curnin, P. Kevin Castel, Edward P. Krugman, Cahill, Gordon & Reindel, George A. Burrell, New York City, of counsel), for defendant-appellee-cross-appellant.

Guy C. Quinlan, New York City (William R. Glendon, Rogers & Wells, New York City, of counsel), for defendants-appellees.

Richard A. Kirby, Sp. Counsel, Securities and Exchange Com'n, Washington, D. C. (Ralph C. Ferrara, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Robert Mills, Anne H. Sullivan, Securities and Exchange Com'n, Washington, D. C., of counsel), for amicus curiae.

Before MESKILL and KEARSE, Circuit Judges, and METZNER, District Judge.

PER CURIAM:

The district court granted the motion of the defendant Zapata Corporation (Zapata) for summary judgment in this stockholder's derivative action brought on behalf of Zapata. For the reasons stated below, the judgment is reversed in part and the matter remanded to the district court for further consideration.

This is a stockholder's derivative suit brought on behalf of Zapata, a Delaware corporation, against nine of its past and present directors...

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