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ESMARK, INC. v. STRODE

639 S.W.2d 768 (1982)

ESMARK, INC., Movant, v. James C. STRODE, as Director of the Division of Securities, Department of Banking and Securities, Commonwealth of Kentucky and Reliance Universal, Inc., Respondents. and James C. STRODE, as Director of the Division of Securities, Department of Banking and Securities, Commonwealth of Kentucky, Movant, v. ESMARK, INC. and Reliance Universal, Inc., Respondents.

Supreme Court of Kentucky.

October 12, 1982.

Attorney(s) appearing for the Case

Bert T. Combs, Richard W. Iler, Wyatt, Tarrant & Combs, Louisville, Robert B. Mazur, Louis J. Barash, Wachtell, Lipton, Rosen & Katz, New York City, for Esmark, Inc.

Roger B. Sledd, Benjamin J. Isaacs, Division of Securities, Dept. of Banking & Securities, Frankfort, for James C. Strode.

Charles A. Robertson, James S. Welch, Wesley P. Adams, Jr., Ogden, Robertson & Marshall, Louisville, for Reliance Universal, Inc.

STEPHENSON, Justice.

The trial court held that Esmark, Inc., by its acquisition of Reliance Universal, Inc., stock violated Kentucky's Take-Over Act, KRS 292.560, et seq., and ordered Esmark to divest itself of the stock acquired in violation of the statute. The Court of Appeals affirmed that portion of the judgment adjudging a violation of the Take-Over Act, but reversed so much of the judgment that ordered Esmark to divest itself of the stock. We granted discretionary...

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