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GAF CORP. v. HEYMAN

No. 1701, Docket 83-7468.

724 F.2d 727 (1983)

GAF CORPORATION, Plaintiff-Appellee, v. Samuel J. HEYMAN, Daniel T. Carroll, Robert C. Wilson, Sanford Kaplan, Jacob E. Goldman, William P. Lyons, Scott A. Rogers, Jr., Edward E. Shea, William Spier, Joseph D. Tydings, individually and as members of the GAF Shareholders' Committee for New Management, H.J. Heyman Sons, Inc., Heyman Associates # 1, Heyman Joint Venture, the Gateway Company, General Realty Improvement Company, H.J. Heyman Realty Corp., Temple, Inc. and Annette Heyman, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided December 8, 1983.

Attorney(s) appearing for the Case

Jerome G. Shapiro, New York City (George A. Davidson, Theodore V.H. Mayer, Hughes, Hubbard & Reed, New York City, of counsel), for plaintiff-appellee.

Arthur L. Liman, New York City (Max Gitter, William P. Farley, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, Harvey J. Goldschmid, P.C., New York City; Finley, Kumble, Wagner, Heine, Underberg, Manley & Casey, New York City, of counsel), for defendants-appellants.

Before VAN GRAAFEILAND and PRATT, Circuit Judges, and HOLDEN, District Judge.

GEORGE C. PRATT, Circuit Judge:

This is an expedited appeal from a judgment of the United States District Court for the Southern District of New York (Lloyd F. MacMahon, Judge), entered after a bitter proxy contest in which shareholders of plaintiff GAF Corporation voted decisively to replace the corporation's incumbent board of directors with an insurgent slate headed by defendant Samuel J. Heyman. The district court ruled that the insurgents violated §...

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