KAMERMAN v. STEINBERG

Nos. 84 Civ. 4440 (CBM), 84 Civ. 4550 (CBM), 84 Civ. 4654 (CBM), 84 Civ. 4665 (CBM) and 84 Civ. 8001 (CBM).

681 F.Supp. 206 (1988)

Norman KAMERMAN, Plaintiff, v. Saul STEINBERG, Reliance Group Holdings, Inc., Reliance Group, Inc., Reliance Financial Services Corp., and Reliance Insurance Company, Defendants. Norman KAMERMAN, Plaintiff, v. Saul STEINBERG, Reliance Group Holdings, Inc., Reliance Group, Inc., Reliance Financial Services Corp., Reliance Insurance Company, and Walt Disney Productions, Inc., Defendants. Shirley BROWN and Edward Rosen, on behalf of themselves and all others similarly situated, Plaintiffs, v. Saul STEINBERG, Reliance Group Holdings, Inc., Reliance Group, Inc., Reliance Financial Services Corp., and Reliance Insurance Company, Defendants. Barnett STEPAK, Plaintiff, v. Saul STEINBERG, Reliance Group Holdings, Inc., Reliance Group, Inc., Reliance Financial Services Corp., and Reliance Insurance Company, Defendants. LEXIM INVESTORS CORP. and Dohsa Anstalt Corp., on behalf of themselves and all others similarly situated, Plaintiffs, v. Saul STEINBERG, Reliance Group Holdings, Inc., Reliance Group, Inc., Reliance Financial Services Corp., and Reliance Insurance Company, Defendants.

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

March 3, 1988.


Attorney(s) appearing for the Case

Harvey Greenfield, Abbey & Ellis, New York City, for plaintiff Stepak.

Wolf, Haldenstein, Adler, Freeman & Herz by Daniel W. Krasner, Jeffrey G. Smith, Peter C. Harrar, New York City, for plaintiffs Brown and Rosen.

Kohn, Savett, Klein & Graf, P.C., Alvin J. Ivers, Philadelphia, Pa., for plaintiff Rosen.

Kaufman, Malchman, Kaufmann & Kirby by Irving Malchman, New York City, for plaintiff Kamerman.

Delson & Gordon, New York City, for plaintiffs Lexim Investors and Dohsa Anstalt Corp.

Paul, Weiss, Rifkind, Wharton & Garrison by Lewis A. Kaplan, Blair C. Fensterstock, New York City, for defendants Steinberg, Reliance Group Holdings, Inc., Reliance Group, Inc., Reliance Financial Services Corp., and Reliance Ins. Co.

Donovan, Leisure, Newton & Irvine, New York City, for The Walt Disney Co.

Wolf, Popper, Ross, Wolf & Jones by Robert A. Skirnick, Mark Levine, New York City, Milberg, Weiss, Bershad, Specthrie & Lerach by William S. Lerach, San Diego, Cal., Corinblit & Seltzer by Marc M. Seltzer, Hennigan & Mercer by J. Michael Hennigan, Dana Carli Brooks, Los Angeles, Cal., for movants Ernst & Co. and Aronwald.


OPINION

MOTLEY, District Judge.

These consolidated cases, filed in 1984, arise out of an alleged scheme by defendants to "greenmail" the Walt Disney Company (Disney). Plaintiffs contend that defendants filed materially misleading Schedule 13D forms, in violation of Sections 10(b) and 13(d) of the Securities and Exchange Act of 1934, 15 U.S.C. §§ 78j(b), 78m(d), and Rule 10b-5, 17 C.F.R. § 240.10b-5. In connection with the cases, the parties...

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