COLONIAL LINCOLN-MERCURY, INC. v. MUSGRAVE

Nos. 83-1057, 83-1657.

749 F.2d 1092 (1984)

COLONIAL LINCOLN-MERCURY, INC.; William F. Munday; Charles F. Thomas and B.J. McCombs, Appellants, v. William O. MUSGRAVE; C.S. Meyers; Borough Lincoln-Mercury, Inc.; Borough Land Corp. and R.B. Borough, Appellees. COLONIAL LINCOLN-MERCURY, INC.; William F. Munday; Charles F. Thomas and B.J. McCombs, Appellants, v. William O. MUSGRAVE; C.S. Meyers; Borough Lincoln-Mercury, Inc.; Borough Land Corp. and R.B. Borough, Appellees.

United States Court of Appeals, Fourth Circuit.

Decided December 3, 1984.


Attorney(s) appearing for the Case

Robert B. Cordle, Charlotte, N.C. (Helms, Mulliss & Johnston, Charlotte, N.C., William T. Green, III, Green, Downey, Patterson & Schultz, Houston, Tex., on brief), for appellants.

Ray S. Farris, Charlotte, N.C. (Elizabeth H. Daniel, Farris, Mallard, Cummings & Booe, P.A., J.W. Alexander, Jr., Blakeney, Alexander & Machen, Charlotte, N.C., on brief), for appellees.

Before RUSSELL and PHILLIPS, Circuit Judges, and HAYNSWORTH, Senior Circuit Judge.


JAMES DICKSON PHILLIPS, Circuit Judge:

This diversity action grows out of the sale by appellees and the purchase by appellants of the assets of an automobile dealership and the stock of a related automobile leasing enterprise. After suffering disastrous operating losses immediately following their purchase, the purchasers sued the sellers, principally on claims of common law fraud and securities law violations under Rule 10b-5 of the S.E.C., 17 C.F.R. § 240.10b...

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