No. 87-3039.

881 F.2d 446 (1989)

Gerald T. FLYNN, John Anderson, David Milligan and Magdeline Miskulin, all individually and for the use of others similarly situated, John Kayon, Precision Flexmold, Inc., a Wisconsin corporation, Plaintiffs-Appellants, v. Stephen M. MERRICK and Fishman, Merrick & Perlman, P.C., an Illinois legal corporation, Flexmold, Inc., an Illinois corporation located in Addison, Illinois, Dr. F.J.L. Blasingame, John C. Blasingame, Richard Christensen, Allen Buhler, Judith Hartig and Beatrice Bliwas, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 7, 1989.

Attorney(s) appearing for the Case

Gerald P. Boyle, Gerald P. Boyle, S.C., Michael J. Steinle, Thomas G. Wilmouth, Milwaukee, Wis., for plaintiffs-appellants.

John S. Jude, Albert Jude & Van Remmen, S.C., Susan E. Simanek, Racine, Wis., Thomas R. Schrimpf, Kluwin, Dunphy & Hankin, Milwaukee, Wis., Herbert Beigel, Beigel & Sandler, Paul R. Shuldiner, Chicago, Ill., Douglas J. Carroll, Arnold Murray O'Neil & Schimmel, Milwaukee, Wis., Richard A. Kranitz, Law Offices of Richard A. Kranitz, Grafton, Wis., for defendants-appellees.

Before CUMMINGS, WOOD, Jr., and RIPPLE, Circuit Judges.

HARLINGTON WOOD, Jr., Circuit Judge.

Plaintiffs-appellants Gerald T. Flynn, John Anderson, David Milligan, Magdeline Miskulin, and John Kayon ("Flynn Group") were minority shareholders and debenture holders in Precision Flexmold, Inc., a Wisconsin corporation ("Precision"). Precision was formed to develop and exploit a flexible molding process used in industrial ap lications. The Flynn Group invested heavily in Precision but with no success, and losses mounted. The...

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