SHANNO v. MAGEE INDUS. ENTERPRISES, INC.

Nos. 87-1680, 87-1707.

856 F.2d 562 (1988)

Fern Barbara SHANNO and Luanne Law Sukenik, on behalf of themselves and all others similarly situated v. MAGEE INDUSTRIAL ENTERPRISES, INC., and James A. Magee, Individually and as President and director of Magee Industrial Enterprises, Inc. Appeal of MAGEE INDUSTRIAL ENTERPRISES, INC. and James A. Magee. Appeal of Fern Barbara SHANNO and Luanne Law Sukenik.

United States Court of Appeals, Third Circuit.

Decided September 8, 1988.


Attorney(s) appearing for the Case

Eugene A. Spector (argued), John F. Innelli, Eugene A. Spector & Associates, Philadelphia, Pa., for appellants, Magee Indus. Enterprises, Inc. and James A. Magee.

Robert C. Heim (argued), Melvin A. Schwarz, Linda J. Wharton, Dechert Price & Rhoads, Philadelphia, Pa., for appellants, Fern Barbara Shanno and Luanne Law Sukenik.

Leroy S. Zimmerman, Atty. Gen., Carl Vaccaro, Deputy Atty. Gen., Philadelphia, Pa., Joan Dawley Maher, Pennsylvania Securities Com'n, Harrisburg, Pa., for amicus curiae, Com. of Pa.

Before SEITZ, SLOVITER and HUTCHINSON, Circuit Judges.


OPINION OF THE COURT

SLOVITER, Circuit Judge.

I.

Introduction

This appeal and cross-appeal arise out of litigation over a close corporation's tender offer to minority shareholders. Following a jury trial, the district court denied plaintiffs' motion for a judgment n.o.v. on the jury's determination of share value and granted plaintiffs a new trial on the question of share value. The parties agree that if we affirm the district...

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