DANAHER CORPORATION, DH Acquisition Corp. and Danwest Partners, Plaintiffs,
v.
CHICAGO PNEUMATIC TOOL COMPANY, Thomas P. Latimer, G. Russell Moir, Barry J. Shillito, John R. Kennedy, Jr., Andrew Schultz, Jr., Edmund J. Kelly, Melvin R. Laird and David G. Moore, Defendants.
John D. SPEARS, Plaintiff,
v.
Thomas P. LATIMER, G. Russell Moir, Barry J. Shillito, John R. Kennedy, Jr., Andrew Schultz, Jr., Edmund J. Kelly, Melvin R. Laird, David G. Moore, and Chicago Pneumatic Tool Company, Defendants.
William E. BROCK, Secretary of United States Department of Labor, Plaintiff,
v.
Thomas P. LATIMER, Chicago Pneumatic Tool Company, and Chicago Pneumatic Tool Employee Stock Ownership Plan and Trust, Defendants.
United States District Court, S.D. New York.https://leagle.com/images/logo.png
May 13, 1986.
May 13, 1986.
Attorney(s) appearing for the Case
Skadden, Arps, Slate, Meagher & Flom, New York City, (Jerome S. Hirsch, Robert E. Zimet, George A. Zimmerman, Marco E. Schnabl, Charles F. Walker, of counsel), for Danaher Corp.
White & Case, New York City (Thomas McGanney, Dwight Healy, James Laughlin, of counsel), for Chicago Pneumatic Tool Co.
Lowey, Dannenberg & Knapp, New York City (Neil Selinger, Henry Brachtl, of counsel), for John D. Spears.
William J. Walderman, Stephen Kessler, Diane Dresdale, Attys., U.S. Dept. of Labor, Office of the Sol. Plan Benefits Security Div., Washington, D.C. (Louis L. Joseph, Counsel for Fiduciary Litigation, Patricia Rodenhausen, Regional Sol., of counsel), for William E. Brock.
United States District Court, S.D. New York.
LEVAL, District Judge.
FACTS
On April 9, 1986, the Secretary of Labor brought this action seeking removal of Thomas F. Latimer as trustee of the employee stock ownership plan ("ESOP") of Chicago Pneumatic Tool Co. ("CP") and the appointment of a receiver. At the time there was pending before the court Danaher Corporation's action and motion seeking rescission of CP's transfer of one million shares of its stock...
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