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BRAYTON v. OSTRAU

No. 82 CIV 4137(LBS).

561 F.Supp. 156 (1983)

Peter BRAYTON, Richard Aarenau, David Stotland and Adele Stotland, Plaintiffs, v. Bertram M. OSTRAU, Stanley S. Spielman, N. Norman Muller, Henry J. Egen, Glen E. Swanson, Russell E. White, Arthur Richenthal, Steven F. Gross, Dorothy Ostrau, Lauren Ostrau, Susan Ostrau, Jonathan Ostrau, Fincon Enterprises, Inc., Stanley Ostrau, Eleanor Ostrau, and Clarostat Mfg. Co., Inc., Defendants.

United States District Court, S.D. New York.

March 22, 1983.

Attorney(s) appearing for the Case

Lowey, Dannenberg & Knapp, P.C., New York City, for plaintiffs; Stephen Lowey, New York City, of counsel.

Schwartz, Klink & Schreiber, P.C., New York City, for Ostrau Group defendants; Dale A. Schreiber, Joseph P. Garland, New York City, of counsel.

Skadden, Arps, Slate, Meagher & Flom, New York City, for Management Group defendants; Richard F. Hope, Thomas Schwarz, New York City, of counsel.

Butler, Fitzgerald & Potter, New York City, for Clarostat Mfg. Co., Inc., James M. Davis, New York City, of counsel.

OPINION

SAND, District Judge.

The plaintiffs in this suit seek to rescind a buy-out agreement between a public corporation and a group of its former stockholders that was entered into after those stockholders waged a closely contested proxy fight for control of the company. The plaintiffs, four current stockholders, bring the action both as representatives of a class of shareholders and derivatively on behalf of Clarostat Manufacturing Company, an electronics...

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