McGONIGLE v. COMBS

Nos. 89-16584, 89-16586, 89-16588, 89-16602, 89-16605, 89-16608, 89-16611, 89-16615, 89-16619 and 89-16620.

968 F.2d 810 (1992)

John F. McGONIGLE, Virginia M. McGonigle, Plaintiff-Appellant, v. Leslie COMBS, II, et al, Defendant-Appellee. Robert D. STRATMORE, Plaintiff-Appellant, v. Leslie COMBS, II, et al, Defendant-Appellee. Blas R. CASARES, Plaintiff-Appellant, v. Brownell COMBS, II, Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C., a Kentucky professional corporation; Frank L. Bryant; Robert J. McGuiness; Bateman Eichler, Hill Richards, Inc., a Delaware corporation; Garth Guy; Central Bank & Trust of Lexington, a Kentucky banking corporation, Defendants-Appellees, and Spendthrift Farm, Inc.; Leslie Combs, II, Defendants. George E. LAYMAN and George E. Layman, Jr., d/b/a Forest Acres Partnership, a Washington General Partnership; Barry K. Schwartz and Calvin Klein, d/b/a Barry K. Schwartz Partnership, a New York general partnership; Earl H. Shultz; Kenneth Franzheim, II, Plaintiffs-Appellants, v. Brownell COMBS, II; Bateman Eichler, Hill Richards, Incorporated, a Delaware corporation; Robert J. McGuinness; Garth Guy; Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C., a Kentucky professional corporation; Frank L. Bryant, Defendants-Appellees. Blas R. CASARES, Plaintiff-Appellant, v. SPENDTHRIFT FARM, INC.; Leslie Combs, II; Brownell Combs, II; Garth Guy; Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C., a Kentucky professional corporation; Frank L. Bryant; Robert J. McGuinness; Bateman Eichler, Hill Richards, Inc., a Delaware corporation, Defendants, and Central Bank & Trust of Lexington, a Kentucky banking corporation, Defendant-Appellee. James H. GRIGGS, Plaintiff-Counter-defendant-Appellant, v. Brownell COMBS, II; Garth Guy; Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C., a Kentucky professional corporation; Frank L. Bryant; Robert J. McGuinness; Bateman Eichler, Hill Richards, Incorporated, a Delaware corporation, Defendants-Appellees, Central Bank and Trust Co., a Kentucky banking corporation; Deloitte, Haskins & Sells, Defendants, Counter-claimants-Appellees. Zenya YOSHIDA, d/b/a Shadai Farm, Plaintiff-Appellant, v. Brownell COMBS, II; Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C., a Kentucky professional corporation; Frank L. Bryant; Robert J. McGuinness; Bateman Eichler, Hill Richards, Inc., a Delaware corporation; Garth Guy, Defendants-Appellees. HAMILTON PARTNERS, a Ohio general partnership; Frank E. Fowler; James P. Coleman; Mercer Reynolds, III; William O. DeWitt, Jr.; Northwood Thoroughbred Investors, a New York general partnership Northwood Ventures, a New York Limited partnership; Peter G. Schiff; Gateway Investment Partnership, an Ohio general partnership; Calvin Ingram, Plaintiffs-Appellants, v. Brownell COMBS, II; Garth Guy, Defendants-Appellees. Richard L. SCHULTZ, Plaintiff-Appellant, v. Leslie COMBS, II, et al, Defendants, and Brownell Combs, II; Garth Guy; Bateman Eichler Hill Richards, Inc.; Robert J. McGuiness; Spendthrift Farm, Inc.; Central Bank & Trust of Lexington; Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C.; Frank L. Bryant, Defendants-Appellees. Richard L. SCHULTZ, Plaintiff-Appellant, v. BATEMAN EICHLER HILL RICHARDS, INC.; Robert J. McGuiness; Charles R. Hembree; Kincaid, Wilson, Schaeffer & Hembree, P.S.C.; Frank L. Bryant, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided June 19, 1992.


Attorney(s) appearing for the Case

Richard M. Trautwein, Alagia, Day, Marshall, Mintmire & Chauvin, Louisville, Ky., for plaintiff-counter-defendant-appellee Blas R. Casares.

John I. Alioto, Michael J. Bettinger, Alioto & Alioto, San Francisco, Cal., for plaintiffs-counter-claim-defendants-appellees-appellants.

M. Laurence Popofsky, Michael L. Rugen, Heller, Ehrman, White & McAuliffe, San Francisco, Cal., for defendants-appellees-appellants Charles R. Hembree and Kincaid, Wilson, Schaeffer & Hembree, P.S.C.

James E. Burns, Jr., Brobeck, Phleger & Harrison, San Francisco, Cal., for defendants-appellants-appellees Bateman, Eichler, Hill Richards, Inc., and Robert J. McGuinnes.

Thomas K. Bourke, Riordan & McKinzie, Los Angeles, Cal., for defendant-counter-claimant-appellant-appellee Frank L. Bryant.

Neil A. Goteiner, Ann G. Daniels, Farella, Braun & Martel, San Francisco, Cal., for defendant-appellee Central Bank & Trust Co. of Lexington, Ky.

Curt H. Mueller, Cooley, Godward, Castro, Huddleson & Tatum, San Francisco, Cal., for defendant-appellee Brownell Combs II.

Leslie G. Landau, McCutchen, Doyle, Brown & Enersen, San Francisco, Cal., for defendant-appellee Deloitte Haskins & Sells.

Before: CANBY and KOZINSKI, Circuit Judges and CARROLL, District Judge.


CANBY, Circuit Judge:

This appeal arises out of a private placement of stock in Spendthrift Farms, Inc. ("Spendthrift") that occurred in 1983. Several investors sued the co-owners of Spendthrift, Brownell Combs II ("Combs") and his father Leslie Combs II1, as well as consultants, attorneys, an investment bank, an accounting firm, and a commercial bank. In summary judgment and directed verdict rulings, the district court dismissed all claims...

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