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CRUDEN v. BANK OF NEW YORK

Nos. 1470 to 1473, 1463-1466, Dockets 91-7187, 91-7189, 91-7191, 91-7193, 91-7041, 91-7047, 91-7053 and 91-7065.

957 F.2d 961 (1992)

Stanley C. CRUDEN, Philip Zerylnick, individually and on behalf of a class of persons similarly situated, and Sibalin, S.A., a corporation, Plaintiffs-Appellants, v. The BANK OF NEW YORK, a corporation; Irving Trust Company, a corporation; Sterling National Bank & Trust Company of New York, a corporation; Bankers Trust Company, a corporation; Rockwood National Corporation, a corporation, and James E. Townsend, an individual, Defendants, The Bank of New York, a corporation; Irving Trust Company, a corporation; Sterling National Bank & Trust Company of New York, a corporation, and Bankers Trust Company, a corporation, Defendants-Appellees. Stanley C. CRUDEN, Individually and on behalf of a Class of Persons Similarly Situated; Philip Zerylnick, and Sibalin, S.A., a corporation, Plaintiffs-Appellants, v. IRVING TRUST COMPANY, a corporation; Rockwood National Corporation, a corporation; James E. Townsend, an individual; the Bank of New York, a corporation; Sterling National Bank & Trust Company of New York, a corporation; Bankers Trust Company, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided January 6, 1992.

As Amended April 1, 1992.

Attorney(s) appearing for the Case

Michael P. Malakoff, Pittsburgh, Pa., (Richard A. Finberg, Berger Kapetan Malakoff & Meyers, Pittsburgh, Pa., Jules Brody, Stull, Stull & Brody, New York City, of counsel), for plaintiffs-appellants.

Clifford Peterson (Robert L. Laufer, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, of counsel), for defendant-appellee Sterling Nat. Bank & Trust Co. of New York.

Alfred W.J. Marks (Wallace E.J. Collins, Emmet, Marvin & Martin, New York City, of counsel), for defendants-appellees The Bank of New York and Irving Trust Co.

David Rabinowitz (Helen Gavaris, Moses & Singer, New York City, of counsel), for defendant-appellee Bankers Trust Co.

Linda H. Joseph (Joseph A. Podwika, Mary C. Fitzgerald, Jaeckle, Fleischmann & Mugel, Buffalo, N.Y., of counsel), for defendants-appellees Rockwood Nat. Corp. and James E. Townsend.

Before LUMBARD and CARDAMONE, Circuit Judges, and LASKER, District Judge.

CARDAMONE, Circuit Judge:

Plaintiffs, debenture holders of a defaulted lender, appeal from January 25 and January 28, 1991 judgments of the United States District Court for the Southern District of New York (Keenan, J.) which granted summary judgment dismissing, on various grounds, plaintiffs' claims against the successor of the debentures' issuer or guarantor and the Indenture Trustees. The district court's ruling covered four separate

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