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FIELD v. TRUMP

No. 419, Docket 87-7578.

850 F.2d 938 (1988)

Bertram FIELD, Plaintiff-Appellant, v. Julius TRUMP, Eddie Trump, Stuart M. Sloan, Samuel N. Stroum, M. Lamont Bean, Fenwick Crane, E. Ronald Erickson, Calvin Hendricks, Robert B. Hutchinson, Earl W. Smith, Raymond C. Swanson, Pay'N Save Corporation, the Trump Group, Ltd., NLAC Corp., Acquicorp, Inc., Mergicorp, Inc., TGAC Corp. and TG Limited, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided June 30, 1988.

Attorney(s) appearing for the Case

Ira A. Finkelstein, New York City (William Klein II, Owen D. Kurtin, Tenzer, Greenblatt, Fallon & Kaplan, New York City, of counsel), for plaintiff-appellant.

Joel M. Wolosky, New York City (Alvin M. Stein, Charles W. Stotter, Parker Chapin Flattau & Klimpl, New York City, of counsel), for defendants-appellees Julius Trump, Eddie Trump, M. Lamont Bean, E. Ronald Erickson, Calvin Hendricks, The Trump Group, Ltd., NLAC Corp., Acquicorp, Inc., Mergicorp, Inc., TGAC Corp. and TG Ltd.

Thomas J. Schwarz, New York City (Thomas R. deRosa, David G. Cohen, Skadden, Arps, Slate, Meagher & Flom, New York City, of counsel), for defendants-appellees Stuart M. Sloan and Samuel N. Stroum.

Micheal H. Rauch, Terrence A. Corrigan, Fried, Frank, Harris, Shriver & Jacobson, New York City, for defendants-appellees Fenwick Crane, Robert B. Hutchinson, Earl W. Smith, Raymond C. Swanson and Pay'n Save Corp.

Before VAN GRAAFEILAND, WINTER and ALTIMARI, Circuit Judges.

WINTER, Circuit Judge:

The legal issues in this appeal concern the meaning of the so-called "best-price rule" of Section 14(d)(7) of the Securities Exchange Act of 1934, 15 U.S.C. § 78n(d)(7) (1982), and the disclosure obligations of a publicly held company under that Act.

Accepting the allegations of the complaint as true, this dispute arises from a leveraged buy-out in which defendants Julius and Eddie Trump, through corporations they owned and controlled...

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