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WILSON v. GREAT AMERICAN INDUSTRIES, INC.

No. 80-CV-841.

746 F.Supp. 251 (1990)

Alexander WILSON, individually and as representative of all minority shareholders of Chenango Industries, Inc., other than defendants on and before October 18, 1979, Plaintiff, v. GREAT AMERICAN INDUSTRIES, INC. as a corporate entity and as a sole shareholder of Chenango Industries, Inc., Milton Koffman, Burton I. Koffman, Richard E. Koffman, as directors of Great American Industries, Inc., Chenango Industries, Inc., Joseph M. Stack as the representative of Chenango Industries in the merger between Chenango and Great American Industries, and Gary Crounse, David Keith Dyer and Sharon Lee Dyer, as Co-Executors of the Estate of David L. Dyer, deceased, William Starner, and Anthony Mincolla as directors of Chenango Industries, Inc., Defendants.

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

September 5, 1990.

Attorney(s) appearing for the Case

Coughlin & Gerhart, Binghamton, N.Y., for plaintiff; Peter H. Bouman, of counsel.

Beveridge & Diamond, Washington, D.C., for GAI defendants; John N. Hanson, John S. Guttmann, Daan H. Cannon, of counsel.

Hancock & Estabrook, Syracuse, N.Y., for Chenango defendants; Donald J. Kemple, of counsel.

MEMORANDUM-DECISION & ORDER

McCURN, Chief Judge.

Background

The plaintiff, Alexander Wilson, represents a class of former minority shareholders of Chenango Industries, Inc. ("Chenango or Chenango I"), who have brought suit challenging the legality of a joint proxy/prospectus ("proxy") issued by Great American Industries ("GAI") and Chenango as part of Chenango's 1979 merger into GAI. The defendants are GAI, Chenango, and various officers...

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