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ADALMAN v. BAKER, WATTS & CO.

Nos. 85-1964(L), 85-1965.

807 F.2d 359 (1986)

Silvia L. ADALMAN; George S. Allen; Bernard Ansher; Irene B. Ansher; Laurence Banyas; J. Frank Belford, Jr.; Grace C. Belford; Juan M. Cameron; Nora L. Cameron; Dale Ann Cooke; Dennis D. Donahue; Gretchen J. Donahue; Stanley H. Engle; Marilyn J. Engle; Harry Feinberg; Douglas S. Goodwin; John F. Griffin; Ridgway M. Hall, Jr.; Anne Harken Hall; Donald V. Kane; Lois Jean Kane; Samuel J. Floyd, Jr.; Malcolm R. Lovell, Jr.; Celia C. Lovell; Warren L. Miller; O/G Recovery Partners, a Maryland Partnership; Richard A. Slifer; Kristine R. Slifer; Gifford Weary and Robert K. Weary, Jr., Appellees, and Gerald J. Bowes and Luther C. Dilatush, Plaintiffs, v. BAKER, WATTS & CO., a Maryland Partnership, Appellant. Edgar M. BOYD; N. Clark Moran; Paul Berghaus; B-W Resources, Inc., a Maryland Corporation and Scott W. Williams, Defendants, v. JULIA M. WALSH & SONS, INC.; Henry T. Donaldson; Thomas D. Walsh; Douglas R. Bevers and Elkins & Co., a Division of Prudential Bache Securities, Inc., Third-Party Defendants. Silvia L. ADALMAN; George S. Allen; Bernard Ansher; Irene B. Ansher; Laurence Banyas; J. Frank Belford, Jr.; Grace C. Belford; Juan M. Cameron; Nora L. Cameron; Dale Ann Cooke; Dennis D. Donahue; Gretchen J. Donahue; Stanley H. Engle; Marilyn J. Engle; Harry Feinberg; Douglas S. Goodwin; John F. Griffin; Ridgway M. Hall, Jr.; Anne Harken Hall; Donald V. Kane; Lois Jean Kane; Samuel J. Floyd, Jr.; Malcolm R. Lovell, Jr.; Celia C. Lovell; Warren L. Miller; O/G Recovery Partners, a Maryland Partnership; Richard A. Slifer; Kristine R. Slifer; Gifford Weary and Robert K. Weary, Jr., Plaintiffs, and Gerald J. Bowes and Luther C. Dilatush, Appellants, v. BAKER, WATTS & CO., a Maryland Partnership, Appellee. Edgar M. BOYD; N. Clark Moran; Paul Berghaus; B-W Resources, Inc., a Maryland Corporation and Scott W. Williams, Defendants, v. JULIA M. WALSH & SONS, INC.; Henry T. Donaldson; Thomas D. Walsh; Douglas R. Bevers and Elkins & Co., a Division of Prudential Bache Securities, Inc., Third-Party Defendants.

United States Court of Appeals, Fourth Circuit.

Decided October 31, 1986.

Attorney(s) appearing for the Case

John Henry Lewin, Jr. (Thomas F. O'Neil, III, Geoffrey R. Garinther, Venable, Baetjer & Howard, Baltimore, Md., David S. Cupps, Joseph D. Lonardo, Vorys, Sater, Seymour & Pease, Columbus, Ohio on brief), for Baker, Watts & Co.

Gerson B. Mehlman (Wilbur D. Preston, Jr., John M. Belferman, Whiteford, Taylor & Preston, Baltimore, Md., on brief), for Gerald J. Bowes and Luther C. Dilatush.

David Machanic (John A. Ritchie, Joan L. Loizeaux, Pierson, Ball & Dowd, Washington, D.C., on brief), for Appellees.

Before HALL and SPROUSE, Circuit Judges, and MICHAEL, United States District Judge for the Western District of Virginia, sitting by designation.

MICHAEL, District Judge.

This case presents for resolution several issues which have arisen out of the use of the so-called "tax shelter".

I. FACTS

The controversies evolved from the relationships between Baker, Watts & Company, a Maryland investment banking partnership (hereinafter Baker, Watts), and Superior Petroleum, Inc. (hereinafter Superior), a closely-held Ohio corporation engaged in drilling for gas and oil in Ohio. In early 1981, certain...

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