SALANT ACQUISITION CORP. v. MANHATTAN INDUSTRIES

No. 88 Civ. 686 (LLS).

682 F.Supp. 199 (1988)

SALANT ACQUISITION CORP. and Salant Corporation, Plaintiffs-Counterclaim Defendants v. MANHATTAN INDUSTRIES, INC., Defendant-Counterclaimant, and Nicholas P. DiPaolo, Roy M. Goodman, Thomas Hoving, Donald H. Kallman, Harvey M. Krueger, Laurence C. Leeds, Jr., Jack Lyons, Zachary L. Solomon, Carl Spielvogel, Louis C. Stengel, Jr., and Thomas J. Tisch, Defendants, and State of New York, Intervenor-Defendant.

United States District Court, S.D. New York.

March 16, 1988.


Attorney(s) appearing for the Case

Weil, Gotshal & Manges, New York City (Dennis J. Block, Irwin H. Warren, of counsel), for plaintiffs-counterclaim defendants.

Stroock & Stroock & Levan, New York City (Bruce Schneider, Alvin Hellerstein, Carl Kanter, of counsel), for defendant-counterclaimant.

Robert Abrams, Atty. Gen. of the State of N.Y., Dept. of Law, New York City (William H. Mohr, Asst. Atty. Gen., of counsel), for intervenor-defendant.


OPINION AND ORDER

STANTON, District Judge.

At the oral argument on March 3, 1988, defendant's application to enjoin plaintiffs' tender offer was denied for lack of a private right of action under section 7 of the Securities Exchange Act of 1934, 15 U.S.C. § 78g (1982), as to plaintiffs' alleged violations of the Federal Reserve Board margin regulations, 12 C.F.R. §§ 207, 221, 224, and on the merits as to plaintiffs' allegedly inadequate disclosures...

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