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CASTLE v. COHEN

Civ. A. No. 87-1402.

676 F.Supp. 620 (1987)

Joseph L. CASTLE, II, Alan M. Feldman, Miguel A. Mora and Robert S. Seltzer, Trustees of the Psychiatric Hospitals of America, Inc., Employee Stock Ownership Plan, and Retirement Plan Committee of the Psychiatric Hospitals of America, Inc., Employee Stock Ownership Plan, and Psychiatric Hospitals of America, Inc. v. Robert M. COHEN, Hartsell, Inc., Cheyenne Corporation, and Roland M. Jermyn.

United States District Court, E.D. Pennsylvania.

December 7, 1987.

Attorney(s) appearing for the Case

Marc Durant, Robert M. Wolff, Karen S. Berger, Marc Durant & Associates, Philadelphia, Pa., William P. Frank, Jay S. Berke Skadden, Arps, Slate, Meagher & Flom, New York City, for trustees.

Harold E. Kohn, Robert A. Swift, Marguerite R. Goodman, Denis F. Sheils, Kohn, Savett, Klein & Graf, Philadelphia, Pa., for Cohen, Hartsell, and Cheyenne.

Gregory T. Magarity, James G. Wiles, Wolf, Block, Schorr & Solis-Cohen, Philadelphia, Pa., for Jermyn.

James J. Binns, Philadelphia, Pa., for Psychiatric Hosp.

J. Clayton Undercolfer, III, Saul, Ewing, Remick & Saul, Philadelphia, Pa., for counterclaim defendants Castle, Feldman, Mora and Seltzer, individually and as escrow agents.

MEMORANDUM OPINION

CAHN, District Judge.

This litigation involves complex issues related to the Employee Stock Option Plan ("ESOP") of Psychiatric Hospitals of America ("PHA").

I. Facts

On December 4, 1984, Robert M. Cohen pleaded guilty to Medicare fraud before the Honorable J. William Ditter, Jr. of this court. Because Cohen owned more than five percent of the stock in PHA, PHA would no longer be entitled to Medicare reimbursements...

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