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RAND v. ANACONDA-ERICSSON, INC.

No. 978, Docket 86-7034.

794 F.2d 843 (1986)

Michael M. RAND, John Costello, Steven J. Costello, Gregory T. Frese, Edward Lavin, Peter A. Milano and Vincent F. Servello, Plaintiffs-Appellants, v. ANACONDA-ERICSSON, INC., Ericsson, Inc., L.M. Ericsson Telephone Company, Nordic American Bank, Citibank, N.A., Price-Waterhouse & Co., Sullivan & Cromwell, Richard Howe, Richard G. Lyon, L. Stanton Towne, Telecom Equipment Corp. and Stephen R. Cohen, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided July 9, 1986.

Attorney(s) appearing for the Case

Walter C. Reid, New York City (Carl E. Person, New York City, of counsel), for plaintiffs-appellants.

Robinson B. Lacy, New York City (Robert M. Osgood, Sullivan & Cromwell, New York City, of counsel), for defendants-appellees Anaconda-Ericsson, Inc., Ericsson, Inc., L. M. Ericsson Telephone Co., Sullivan & Cromwell, Richard R. Howe, Richard G. Lyon, and L. Stanton Towne.

Richard G. Lyon, Greenwich, Conn., pro se and for defendants-appellees Anaconda-Ericsson, Inc., Ericsson, Inc., and L. M. Ericsson Telephone Co.

Allan L. Gropper and Robert J. Morrow, White & Case, New York City, for defendant-appellee Nordic American Banking Corp.

Philip K. Howard, Howard, Darby & Levin, New York City, for defendant-appellee Price Waterhouse & Co.

William B. Pennell, Shearman & Sterling, New York City, for defendant-appellee Citibank, N.A.

Paul S. McDonough, Long Island City, N.Y., for defendants-appellees Telecom Equipment Corp. and Stephen R. Cohen.

Before OAKES, JON O. NEWMAN and WINTER, Circuit Judges.

WINTER, Circuit Judge:

This case arises out of the relationship between Teltronics Services, Inc. ("Teltronics"), a now-bankrupt distributor of telephone equipment, and its principal creditor and supplier, L.M. Ericsson Telecommunications, Inc. ("Ericsson"). This action was brought by a number of Teltronics shareholders who allege that the company's collapse was caused by actions of the several defendants. These defendants include companies affiliated with Ericsson...

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