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KAISER STEEL CORP. v. CHARLES SCHWAB & CO., INC.

No. 90-1078.

913 F.2d 846 (1990)

KAISER STEEL CORPORATION, Plaintiff-Appellant, v. CHARLES SCHWAB & CO., INC.; Securities and Exchange Commission, Defendants-Appellees, and National Financial Services Inc.; Unterberg, Towbin, Shearson Lehman Brothers/American Express Inc.; Amsouth Bank, N.A.; Bank of New England; Bank of New England-West; Boettcher & Company, Inc.; Drexel, Burnham & Lambert, Inc.; Brown Brothers Investment Company, Brown Brothers Harriman & Co.; Burke, Christensen & Lewis Securities, Inc.; Piper, Jaffray & Hopwood, Incorporated; Sspeak, Leeds & Kellogg; The Chicago Corporation; SLK-SEG; Tweedy Brown Clearing Corporation; Dillon, Read & Co.; Edward D. Jones & Co.; Fahnestock & Co.; Edward A. Viner & Co.; First Albany Corp.; Tucker, Anthony & R.L. Day, Inc.; Thompson, McKinnon & Co., Inc.; Wells Fargo; Crocker National Bank; Kellner, Dileo & Co., Inc.; Mabon, Nugent & Co.; Ernst & Company; Evans & Co., Inc.; JW Charles Securities, Inc.; Josephthal & Co., Inc.; Herzfeld & Stern, n/k/a JII Securities, Inc.; Lewco Securities Corp.; National Bank of Detroit; May Financial Corporation; Manufacturers and Traders Trust Co.; Bankers Trust of New York; Olde Discount Corporation; Roney & Co.; Stifel Nicolous & Company; United States Trust Company of New York; Pacific & Co.; Securities Settlement Corporation; Stephens, Inc.; Chemical Bank; Morgan Guaranty Trust Company of New York; Millikin National Bank of Decatur, Defendants, and Bear Stearns & Co., Inc.; Cowen & Co.; Doft & Co., Inc.; L.F. Rothschild & Co., Inc.; Smith, Barney, Harris, Upham & Co., Inc.; Herzog, Heine & Geduld, Inc.; M.H. Davidson & Co. Inc.; Cascade Fund, Defendants-Intervenors.

United States Court of Appeals, Tenth Circuit.

Rehearing Denied October 24, 1990.

Attorney(s) appearing for the Case

Susan M. Freeman, Lewis and Roca, Phoenix, Ariz. (Marty Harper, Lewis and Roca, Phoenix, Ariz., G. Stephen Long, and David J. Richman, Coghill & Goodspeed, Denver, Colo., with her, on briefs), for plaintiff-appellant.

Thomas H. Young (Michael J. Guyerson, with him, on brief), Rothgerber, Appel, Powers & Johnson, Denver, Colo., for defendant-appellee, Charles Schwab & Co., Inc.

Katharine Gresham, Asst. Gen. Counsel (Paul Gonson, Sol., of counsel, James R. Doty, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, and Joseph H. Harrington, with her, on brief), S.E.C., Washington, D.C., for defendant-appellee, Securities and Exchange Com'n.

David I. Blejwas, Hahn & Hessen, New York City, for defendants-intervenors.

Before HOLLOWAY, Chief Judge, and ANDERSON and TACHA, Circuit Judges.

STEPHEN H. ANDERSON, Circuit Judge.

Debtor-in-possession Kaiser Steel Resources, Inc. ("Kaiser"), formerly known as Kaiser Steel Corporation ("Kaiser Steel"), appeals from the district court's reversal of the bankruptcy court's order denying defendant Charles Schwab & Company, Inc. ("Schwab") summary judgment. We affirm.

In late 1983, the board of directors of Kaiser Steel, a publicly-traded corporation, agreed to a leveraged buyout ("LBO") by a group...

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