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LANE v. PETERSON

Nos. 87-2073, 87-2366.

851 F.2d 193 (1988)

Clift C. LANE, Individually and as Trustee under the Clift C. Lane Revocable Trust and as Trustee under the Dorothy P. Lane Trust, and Dorothy P. Lane, Individually, and as Trustee under the Dorothy P. Lane Revocable Trust and as Trustee under the Clift C. Lane Trust, Appellees, v. John E. PETERSON, Jr., Walter W. Minger, and Edward H. Covell, each Individually, and as Members of the Special Panel for the Lane Processing, Inc., under a Consolidated Plan of Reorganization for Clift C. Lane and Dorothy P. Lane and Land Affiliates as filed with the United States Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, and as Trustees under a Declaration of Trust dated July 22, 1985, and John E. Peterson, Jr.; Walter W. Minger; and Edward H. Covell, as Representatives of the unknown Beneficiaries under a Declaration of Trust dated July 22, 1985, Appellants.

United States Court of Appeals, Eighth Circuit.

Decided June 30, 1988.

Rehearing Denied August 2, 1988.

As Amended October 4, 1988.

Attorney(s) appearing for the Case

Charles Hlavinka, Texarkana, Tex., for appellants.

Ronald A. May, Little Rock, Ark., for appellees.

Before JOHN R. GIBSON and MAGILL, Circuit Judges, and BRIGHT, Senior Circuit Judge.

JOHN R. GIBSON, Circuit Judge.

Clift and Dorothy Lane, after serious business reversals and bankruptcy, transferred the stock in their several corporations to a panel established by their reorganization plan. The panel, John Peterson, Jr., Walter W. Minger and Edward H. Covell, sold the stock for $35 million less than one year after the transfer, and the Lanes filed this diversity action seeking to recover the stock or participate in the sale proceeds. Following a...

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