IN RE DEVANEY

No. 83 Civ. 8455(JFK).

99 B.R. 533 (1989)

In re Daniel J. DEVANEY, as trustee under Chapter 11 of the Bankruptcy Code for CB & R (Holdings) Ltd., American Marine Industries, Inc., Chester, Blackburn & Roder, Inc., Chester, Blackburn & Roder (N.Y.), Inc., Pan Antilles Shipping Company, Current Trader Ltd., Atlantic Clipper Ltd., Atlantic Intrepid Ltd., Pan American Mall Line, Inc., Marine Terminals, Inc. and Linea Naviera Panatlantica, S.A., Debtors. PANATLANTIC, INC., Current Marine, Inc., Chester, Blackburn & Roder (South Atlantic), Inc., Chester, Blackburn & Roder, Ltd., Panamerica Inc. and Pancaribe, Inc., debtors-in-Possession under Chapter 11 of the Bankruptcy Code, Plaintiffs, v. A.P. CHESTER, J.C. Sklaire, R.A. Chester, Jeremy Chester, John Lynch, Howard Morgan, Sheldon H. Kinney, Joseph Carroll, Paul A. Jasinski, John P. Love, Evangelos Alexander, John W. Battles, William Beylund, W.R. Blackburn, Alan Bouwmeester, R. Ross Camardella, Kevin Chester, Britt Chester, Kristine Chester, Kenneth Coleman, Frank Dapena, John Davidson, Peter Evelyn, P.K. Fung, Michele Grindlinger, Bruno Lehoucq, Ruth Lehoucq, Joseph Perez-Jones, Carmen Pizzaro, Ronald Rasmus, Wade Battles, Robert Shay, Joseph Sierra, Aline Sklaire, William Stewart, Perry Walter, Hill Betts & Nash, (In the capacity of Escrow Agent only), Grayson & Bock, Salomon Brothers, Inc., First Boston Commercial Corporation, First Boston Commercial Paper Corporation, Erik K. Klaussmann, III, and David Lindsay, Defendants.

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

April 18, 1989.


Attorney(s) appearing for the Case

Hahn & Hessen, New York City, for plaintiffs (Steven J. Mandelsberg, Barry M. Schkolnick, and Brett E. Wettick, of counsel).

Hill, Betts & Nash, New York City, for defendants, Group I, Group II and Group III Stockholders (Allan J. Graff and John F. Keating, of counsel).


OPINION AND ORDER

KEENAN, District Judge:

This matter is before the Court on the motion of defendant Group I, Group II and Group III Stockholders (the "Stockholders") pursuant to Fed.R.Civ.P. 56 to dismiss the eighth claim for relief in the plaintiff Trustee's Fourth Amended Complaint. For the reasons set forth below, the Court denies the Stockholders' motion.

BACKGROUND

The facts underlying this protracted litigation are amply presented...

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