TEXAS INTERN. AIRLINES v. NATIONAL AIRLINES, INC.

No. 82-2215.

714 F.2d 533 (1983)

TEXAS INTERNATIONAL AIRLINES, Plaintiff-Appellant, v. NATIONAL AIRLINES, INC., Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

September 15, 1983.


Attorney(s) appearing for the Case

Alvin M. Owsley, Jr., Joseph A. Cialone, II, Houston, Tex., George A. Davidson, New York City, for plaintiff-appellant.

David T. Harvin, Houston, Tex., Martin S. Thaler, Richard J. Morvillo, Washington, D.C., for defendant-appellee.

Before GARZA, POLITZ and JOHNSON, Circuit Judges.


JOHNSON, Circuit Judge:

Texas International (TI) appeals the grant of summary judgment for National Airlines (National) holding TI liable to National under section 16(b) of the Securities Exchange Act of 1934 (the Exchange Act) for the "short swing profits" made on the sale of 121,000 shares of National common stock. Section 16(b), 15 U.S.C.A. § 78p(b) provides, in pertinent part:

For the purpose of preventing the unfair use of information which may...

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