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ORLETT v. CINCINNATI MICROWAVE, INC.

No. 90-3959.

954 F.2d 414 (1992)

Edward ORLETT, Plaintiff-Appellee, v. CINCINNATI MICROWAVE, INC., Defendant-Appellant, James L. Jaeger, et al., Defendants.

United States Court of Appeals, Sixth Circuit.

Decided January 23, 1992.

Attorney(s) appearing for the Case

David C. Greer (argued & briefed), Bieser, Greer & Landis, Dayton, Ohio, Gene I. Mesh, Stephen M. Meiser, Gene Mesh & Associates, Cincinnati, Ohio, for plaintiff-appellee.

Frederick J. McGavran (argued & briefed), Frost & Jacobs, Cincinnati, Ohio, for defendant-appellant.

Before MARTIN and NELSON, Circuit Judges, and WELLFORD, Senior Circuit Judge.

WELLFORD, Senior Circuit Judge.

Cincinnati Microwave, Inc. (CMI) is a publicly held Ohio corporation. At the end of 1987 over sixteen million of its common voting shares were outstanding, approximately two-thirds of which were owned by CMI's chief executive officer, James Jaeger. CMI's stock price on the stock market had been consistently dropping from $15.50 per share in 1985 to $4.38 per share just before the company made a tender offer in late 1987. During the...

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