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BABB v. OLNEY PAINT CO.

No. 84-1985.

764 F.2d 240 (1985)

Johnny BABB, William R. Foster, Jr. and Rebecca Q. Owens, Appellants, v. OLNEY PAINT COMPANY, B. Leroy Dodson, L. Paul Barnes, David R. Alley, Randall Dodson as members of the Committee for the Olney Paint Company Money Purchase Pension Plan and Trust dated November 15, 1977 and Olney Paint Company Profit Sharing Plan and Trust dated November 15, 1977; The Citizens and Southern National Bank of South Carolina, Trust Department as Trustee for Olney Paint Company Money Purchase Pension Plan and Trust dated November 15, 1977 and Olney Paint Company Profit Sharing Plan and Trust dated November 17, 1977, Appellees.

United States Court of Appeals, Fourth Circuit.

Decided June 13, 1985.

Rehearing Denied July 18, 1985.

Attorney(s) appearing for the Case

Arthur H. McQueen, Jr., Spartanburg, S.C. (McQueen & Lettman, Spartanburg, S.C. on brief), for appellants.

William O. Pressley, Jr., Columbia, S.C. (Dwight F. Patterson Jr., Perrin, Perrin, Mann & Patterson, Spartanburg, S.C. on brief), for appellees.

Before MURNAGHAN, ERVIN and WILKINSON, Circuit Judges.

MURNAGHAN, Circuit Judge.

A divorce between individuals and a split up of a corporate entity have some similar characteristics. In particular, disputes are apt to arise over the division of property. Even claims of beneficiaries of the principals are likely to be disputed.

Such was the situation here. Olney Paint Company ("Olney") operated two divisions, one manufacturing paint, the other producing other types of wallcoverings. A time came when it was decided...

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