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McDONNELL DOUGLAS FINANCE v. PA. POWER & LIGHT CO.

Nos. 366, 369 and 370, Dockets 87-7606, 87-7608 and 87-7610.

858 F.2d 825 (1988)

McDONNELL DOUGLAS FINANCE CORPORATION, Peoples Security Life Insurance Company, Commonwealth Life Insurance Company and National Standard Life Insurance Company, GEICO Corporation, Government Employees Insurance Company and Criterion Insurance Company, CNA Assurance Company of Connecticut, Plaintiffs-Appellees, v. PENNSYLVANIA POWER & LIGHT COMPANY, Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Remanded June 15, 1988.

Decided After Remand September 16, 1988.

Attorney(s) appearing for the Case

Peter C. Williams, New York City (Louis H. Willenken, Philip R. Brown, Reid & Priest, New York City, of counsel), for defendant-appellant Pennsylvania Power & Light Co.

Rory O. Millson, New York City (Anne M. Coughlin, Cravath, Swaine & Moore, New York City, of counsel), for plaintiffs-appellees McDonnell Douglas Finance Corp., Peoples Sec. Life Ins. Co., Com. Life Ins. Co., Nat. Standard Life Ins. Co., GEICO Corp., Government Employees Ins. Co. and Criterion Ins. Co.

David S. Acker, Chicago, Ill. (Thomas R. Bearrows, Winston & Strawn, Chicago, Ill., David S. Patterson, Breed, Abbott & Morgan, New York City, of counsel), for plaintiff-appellee CNA Assur. Co. of Connecticut.

Before KAUFMAN, MESKILL and KEARSE, Circuit Judges.

MESKILL, Circuit Judge:

In this appeal, we must construe a narrow and specific arbitration clause in a contract to determine whether the parties intended it to reach a particular dispute that has arisen out of an agreement governing the purchase of shares of preferred stock. The case is a consolidation of three separate lawsuits filed against defendant-appellant Pennsylvania Power & Light Co. (PP & L), a public utility that raises capital in part through the...

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