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FRY v. TRUMP

Civ. No. 87-373 (JFG).

681 F.Supp. 252 (1988)

William Rolland FRY and Carol F. Glassman derivatively on Behalf of Bally Manufacturing Corporation and representatively on Behalf of themselves and all others similarly situated, Plaintiffs, v. Donald J. TRUMP; George A. Aronoff; James R. Cowan; Alfred C. Linkletter; Patrick L. O'Malley; Kenneth C. Nichols; Robert E. Mullane; James A. Lovell; Pierre A. Rinfret; Walter Wechsler and James M. Rochford, Defendants, and Bally Manufacturing Corporation, Nominal Defendant.

United States District Court, D. New Jersey.

February 2, 1988.

Attorney(s) appearing for the Case

Richard D. Greenfield, Greenfield & Chimicles, Haverford, Pa., and Arthur E. Ballen, Ballen Keiser & Gertel, Camden, N.J., for plaintiffs.

John J. Barry, Clapp & Eisenberg, Newark, N.J., and Harvey D. Myerson, Finley, Kumble, Wagner, Heine, Underber, Manley, Myerson & Casey, New York City, for defendant Donald J. Trump.

Philip R. Sellinger, Sills Beck Cummis Zuckerman Radin Tischman & Epstein, P.A., Newark, N.J., and Samuel Kodet, Skadden, Arps, Swate, Meagher & Flom, New York City, for defendants Bally Directors.

Kenneth D. McPherson, Waters, McPherson & McNeill, P.A., Secaucus, N.J., for defendant Bally Mfg. Corp.

OPINION

GERRY, Chief Judge.

This is a private derivative and class based action by various shareholders of Bally Manufacturing Company ["Bally"] against the directors of that company and former principal shareholder, Donald J. Trump. Plaintiffs make various allegations including breach of fiduciary duty and waste of corporate assets, illegal payment of "greenmail," breach of fiduciary duty and/or aiding and abetting such a breach by defendant Trump, violations...

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