CHEMETRON CORP. v. BUSINESS FUNDS, INC.

No. 80-1658.

682 F.2d 1149 (1982)

CHEMETRON CORPORATION, Plaintiff-Appellee Cross-Appellant, v. BUSINESS FUNDS, INC., et al., Defendants-Appellants Cross-Appellees.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied September 20, 1982.


Attorney(s) appearing for the Case

Shearman & Sterling, George J. Wade, New York City, Alan R. Bromberg, Dallas, Tex., Kenneth M. Morris, Morris, Campbell & Seikel, Houston, Tex., for Business Funds, Inc.

Vinson & Elkins, Harry M. Reasoner, John C. Snodgrass, James B. Smith, Jr., Stephen C. Tarry, Charles W. Schwartz, John L. Murchison, Jr., Ann Lents, Houston, Tex., Charles A. Wright, Austin, Tex., for David C. Bintliff.

Wood, Campbell, Moody & Gibbs, Gary C. Miller, Debora D. Ratliff, Robin C. Gibbs, Houston, Tex., for Estate of John F. Austin, Jr.

Reynolds, Allen & Cook, Joe H. Reynolds, Lloyd R. Cunningham, Jr., P. J. Murphey Harmon, Houston, Tex., Buchanan, Ingersoll, Rodewald, Kyle & Buerger, Carl E. Rothenberger, Jr., Vincent C. Deluzio, James G. Park, Pittsburgh, Pa., for Chemetron Corp.

Before GEE, REAVLEY, and WILLIAMS, Circuit Judges.


Rehearing and Rehearing En Banc Denied September 20, 1982.

GEE, Circuit Judge:

I. INTRODUCTION

We review the latest act in the long-running drama of the Western Equities, Inc. ("Westec") stock scandal. The characters include defendants-appellants, cross-appellees Business Funds, Inc. ("BFI"), a small business investment company, John Austin ("Austin"), chairman of BFI, and David Bintliff ("Bintliff"), a businessman and investor. The final character...

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