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PITTSBURGH TERMINAL CORP. v. BALTIMORE & OHIO R.

Nos. 86-3540, 86-3542.

824 F.2d 249 (1987)

PITTSBURGH TERMINAL CORPORATION v. The BALTIMORE AND OHIO RAILROAD COMPANY, W. James Price, Alonzo G. Decker, Jr., James Parker Nolan, Frederick Deane, Jr., James L. O'Keefe, Gregory S. Devine, Fay A. Le Fevre, Nicholas T. Camicia, Dr. Milton S. Eisenhower, Steven Muller, John K. Stevenson, Hays T. Watkins, Howard E. Simpson, and Cyrus S. Eaton, All directors or former directors of The Baltimore and Ohio Railroad, The Chesapeake and Ohio Railroad and/or The Chessie System, the Chesapeake and Ohio Railroad and the Chessie System, Inc. Monroe GUTTMANN, Loretta Guttmann, Janet Rees, and Evelyn Bittner v. The BALTIMORE AND OHIO RAILROAD COMPANY, W. James Price, Alonzo G. Decker, Jr., James Parker Nolan, Frederick Deane, Jr., James L. O'Keefe, Gregory S. Devine, Fay A. Le Fevre, Nicholas T. Camicia, Dr. Milton S. Eisenhower, Steven Muller, John K. Stevenson, Hays T. Watkins, Howard E. Simpson, and Cyrus S. Eaton, All directors or former directors of The Baltimore and Ohio Railroad, The Chesapeake and Ohio Railroad and/or The Chessie System, the Chesapeake and Ohio Railroad and the Chessie System, Inc. Appeal of PITTSBURGH TERMINAL CORPORATION, Monroe Guttmann, Loretta Guttmann, Janet Rees, and Evelyn Bittner, Appellants in No. 86-3540. Appeal of Matthew E. HARLIB, Appellant in No. 86-3542.

United States Court of Appeals, Third Circuit.

Decided July 22, 1987.

Attorney(s) appearing for the Case

Michael P. Malakoff (argued), Ellen M. Doyle, Berger Kapetan Malakoff & Meyers, P.C., Pittsburgh, Pa., for appellants.

Richard T. Wentley (argued), Anthony J. Basinski, Joseph W. Klein, Reed Smith Shaw & McClay, Pittsburgh, Pa., for appellees.

Before HIGGINBOTHAM, MANSMANN, and ROSENN, Circuit Judges.

OPINION OF THE COURT

ROSENN, Circuit Judge.

These consolidated appeals challenge the court to untangle two strands of a complex web of litigation arising out of a 1977 securities laws violation by the Baltimore & Ohio Railroad Company (B & O). At the center of both appeals is the question of the scope of the remedy granted by the district court to the appellants in No. 86-3540 in a May 1984 order: specifically, whether or not persons in the position...

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