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AMBROSINO v. RODMAN & RENSHAW, INC.

Nos. 90-3769, 91-1441.

972 F.2d 776 (1992)

Dan AMBROSINO, Stephen J. Burns, and Steve R. Chura, et al., Plaintiffs-Appellants, v. RODMAN & RENSHAW, INCORPORATED; Rodman Properties, Limited, formerly known as Rodman Capital Group, Limited; and Richard E. Rice; et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 11, 1992.

Attorney(s) appearing for the Case

James S. Barber, Allen B. Witz, Arvey, Hodes, Costello & Burman; John J. Enright, Horvath, Lieber & Quilici; and David A. Novoselsky (argued), Novoselsky & Associates, Chicago, Ill., for plaintiffs-appellants.

Ira Gould, Victoria Zielinski, Holleb & Coff; Brian J. Wanca, Robert Bell, Jr., John W. Emerson, Johnson & Bell; Robert D. Glick, Ira S. Kolb, Franklin S. Schwerin (argued), Schwartz, Cooper, Kolb & Gaynor; and John J. Harte, Chicago, Ill., for defendants-appellees.

Before CUMMINGS, WOOD, Jr., and KANNE, Circuit Judges.

HARLINGTON WOOD, Jr., Circuit Judge.

This case is about oil-and-gas investors in 1981 and 1982, the plaintiffs-appellants here, who are not satisfied with the tax benefits their investment of $2,340,000 procured; it is about alleged violations of federal and state securities laws; and it is about money. It is about a promoter, defendant Richard Berry,1 who, according to the district court, failed to reveal a material fact that a reasonable...

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