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IN RE C-T OF VIRGINIA, INC.

No. 90-1556.

958 F.2d 606 (1992)

In re C-T OF VIRGINIA, INCORPORATED, formerly known as Craddock-Terry Shoe Corporation, Debtor. C-T OF VIRGINIA, INCORPORATED, formerly known as Craddock-Terry Shoe Corporation, Plaintiff-Appellant, v. James S. BARRETT, II; Michael J. Gade; Lewis B. Goode, Jr.; W. Edwin Masencup, Jr.; G. Bruce Miller; Kenneth S. White; Alan L. Wurtzel, Defendants-Appellees, and Edward F. Haley, III; Roland H. Newman; Roland K. Peters; Elias Richards, III; F. Edward Thomas, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided March 5, 1992.

Attorney(s) appearing for the Case

Edward B. Lowry, Michie, Hamlett, Lowry, Rasmussen & Tweel, P.C., Charlottesville, Va., argued (Harold F. Bonacquist and Paul Traub, Traub, Bonacquist, Yellen & Fox, New York City, on brief), for plaintiff-appellant.

Virginia W. Powell, Hunton & Williams, Richmond, Va., argued (Tyler P. Brown, Benjamin C. Ackerly, Sr., Hunton & Williams, Richmond, Va. and William T. Shaw, Edmunds & Williams, Lynchburg, Va., on brief), for defendants-appellees.

Before HALL and WILKINSON, Circuit Judges, and YOUNG, Senior United States District Judge for the District of Maryland, sitting by designation.

OPINION

WILKINSON, Circuit Judge:

This case presents the question of whether the leveraged acquisition of a corporation, structured in the form of a cash-out merger and consummated at arm's length, is subject to restrictions on distributions to shareholders under Virginia law. The case involves an action brought by an official committee of unsecured creditors of a corporation now in bankruptcy against the former directors of that corporation. The creditors...

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