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WHITE v. INVESTORS MANAGEMENT CORP.

No. 88-2540.

888 F.2d 1036 (1989)

Richard M. WHITE, Plaintiff-Appellant, v. INVESTORS MANAGEMENT CORPORATION; James H. Maynard; Wayman O. Leftwich, Jr.; Earnest E. Renaud; William F. Carl; Louis W. Sewell, Jr.; John M. McCormick; Harold S. Geneen; Ira J. Hechler; Glenn E. Anderson, Sr.; Terry Sanford, as Directors of Investors Management Corporation, Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided November 6, 1989.

Attorney(s) appearing for the Case

Palmer Freeman, Jr. (Sinkler & Boyd, Columbia, S.C., Allen R. Tew, Tew & Hudson, Clayton, N.C., on brief), for plaintiff-appellant.

Leslie A. Nicholson, Jr. (Thomas J. Catliota, Shaw, Potts & Trowbridge, Washington, D.C., on brief), for defendants-appellees.

Before RUSSELL and HALL, Circuit Judges, and KNAPP, Senior United States District Judge for the Southern District of West Virginia, sitting by designation.

DONALD RUSSELL, Circuit Judge:

The plaintiff Richard M. White (hereafter "White") asserts in his complaint that the defendant Investors Management Corporation (hereafter "IMC") and its directors improperly and fraudulently sought, in redeeming the plaintiff's stock in IMC, to deprive him of the proper amount due under the redemption. The defendants contend this proposed payment in redemption was as authorized under its Articles of Incorporation.1...

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