GRIGSBY v. CMI CORP.

No. 84-2317.

765 F.2d 1369 (1985)

Calvin GRIGSBY, Michael Marek, James Valerio and Fiscal Funding Inc., a California corporation, Plaintiffs-Appellants, v. CMI CORPORATION, a Michigan corporation; CMI Financial Services, Inc., a Michigan corporation; Edward Cherney; Torchmark Corporation, formerly Liberty National Insurance Holding Company, a Delaware corporation; TMK Merger Corporation, a Michigan corporation; and TMK Leasing Company, a Delaware corporation, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided July 16, 1985.


Attorney(s) appearing for the Case

Robert M. Westberg, Thomas K. Klitgaard, San Francisco, Cal., for plaintiffs-appellants.

James P. Kleinberg, Rebecca A. Lenaburg, McCutchen, Doyle, Brown & Enersen, San Francisco, Cal., for defendants-appellees.

Before DUNIWAY, HALL and WIGGINS, Circuit Judges.


CYNTHIA HOLCOMB HALL, Circuit Judge:

This appeal presents the question of whether negotiations for the sale of a parent corporation were material to the sale of the minority shares of a subsidiary. The former holders of the minority shares have sued the parent corporation and others for failure to disclose the existence of the negotiations. The district court granted summary judgment for defendants. We affirm.

FACTS:

In 1979 appellants Calvin Grigsby...

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