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AUSTIN v. LOFTSGAARDEN

Nos. 84-5053, 84-5058 and 84-5059.

768 F.2d 949 (1985)

Dr. Roger E. AUSTIN, Dr. Tom W. Anderson, Dr. Myrel A. Neumann, and Dr. William C. Randall, Appellees, v. B.J. LOFTSGAARDEN; Alotel Incorporated, a Minnesota corporation; Property Development and Research Company, a Minnesota corporation and 2361 Building Corporation, Appellants. Dr. Roger E. AUSTIN, Dr. Tom W. Anderson, Dr. Myrel A. Neumann, and Dr. William C. Randall, Appellees, v. B.J. LOFTSGAARDEN; Alotel Incorporated, a Minnesota corporation, M.S. Noah; John W. Burg; Lyman H. Coult; Robert R. Dunlap, Property Development & Research Company a Minnesota corporation; and 2361 Building Corporation, Appellants. Dr. Roger E. AUSTIN, Dr. Tom W. Anderson, Dr. Myrel A. Neumann and Dr. William C. Randall, Appellants, v. B.J. LOFTSGAARDEN; Alotel Incorporated, a Minnesota corporation, M.S. Noah; John W. Burg; Lyman H. Coult; Robert R. Dunlap, Property Development & Research Company a Minnesota corporation; and 2361 Building Corporation, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided July 16, 1985.

Attorney(s) appearing for the Case

Laura S. Underkuffler, Minneapolis, Minn., for appellants.

Terence M. Fruth and Robert A. Brunig, Minneapolis, Minn., for appellees.

Richard M. Kirby, Washington, D.C., for amicus S.E.C.

Before LAY, Chief Judge, and HEANEY, BRIGHT, ROSS, McMILLIAN, ARNOLD, JOHN R. GIBSON, FAGG, and BOWMAN, Circuit Judges.

PER CURIAM.

This en banc hearing arises from a retrial on the issue of damages ordered by this Court in Austin v. Loftsgaarden, 675 F.2d 168 (8th Cir.1982) (Austin I). In Austin I, we affirmed the jury's verdict that Loftsgaarden and three of his closely-held corporations (hereinafter Loftsgaarden) violated state and federal securities laws, but held that the district court erred in ruling that the plaintiff-investors...

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