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GUND v. FIRST FLORIDA BANKS, INC.

No. 82-3144.

726 F.2d 682 (1984)

Gordon GUND, Plaintiff-Appellee, Cross-Appellant, v. FIRST FLORIDA BANKS, INC., formerly, First Financial Corporation, Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Eleventh Circuit.

March 5, 1984.

Attorney(s) appearing for the Case

Claude H. Tison, Jr., Tampa, Fla., for defendant-appellant, cross-appellee.

Thomas C. MacDonald, Jr., John I. Van Voris, Raymond T. Elligett, Jr., Tampa, Fla., for plaintiff-appellee, cross-appellant.

Before FAY and HENDERSON, Circuit Judges, and TUTTLE, Senior Circuit Judge.

FAY, Circuit Judge:

Cross-appellant, Gordon Gund, a director of First Florida Banks, Inc. ("First Florida") since 1971, acquired in 1972 and 1973 substantial blocks of First Florida convertible subordinated debentures. The debentures were convertible into shares of First Florida common stock at a predetermined ratio. During an eight-month period in 1976 and early 1977, Gund engaged in a series of transactions by which he sold his entire First Florida debenture holdings...

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