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MADISON CONSULTANTS v. FEDERAL DEPOSIT INS. CORP.

No. 950, Docket 82-7838.

710 F.2d 57 (1983)

MADISON CONSULTANTS, a New York partnership, Robert I. Blackman and Joseph S. Lefrak, Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, individually and as Receiver for Franklin National Bank, Blinder Robinson & Co., Inc., Emons Industries, Inc., First National City Bank, Harold Grossman, Jack Skidell and Certain Persons or Entities who will participate in the purchase of 115,000 shares of Common Stock of Emons Industries, Inc. from Federal Deposit Insurance Corporation, Defendants, Blinder Robinson & Co., Inc., Emons Industries Inc., Harold Grossman and Jack Skidell, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided June 13, 1983.

Attorney(s) appearing for the Case

Gerald D. Fischer, New York City (Lefrak, Fischer & Myerson, New York City, of counsel), for plaintiffs-appellants.

Jeffrey L. Glatzer, New York City (Anthony P. Coles, Slade & Pellman, New York City, of counsel), for defendants-appellees.

Before MANSFIELD, MESKILL and NEWMAN, Circuit Judges.

MANSFIELD, Circuit Judge:

This case presents us with a novel problem: whether a corporation violates Rule 10b-5 when, through false promises to a minority stockholder that it will not attempt to purchase his stock from a pledgee then holding the stock, it lulls the stockholder into refraining from pursuing various means of protecting his rights in the stock, and then purchases the stock at a price far below its market value.

Plaintiffs Robert Blackman and...

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