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GUTMAN v. EQUIDYNE EXTRACTIVE INDUSTRIES

No. 86 Civ. 9173 (KTD).

807 F.Supp. 28 (1992)

Ernest GUTMAN, Joseph Karlin, Edward J. Kineke, Thomas R. Casey, Robert Downing, Efrem Hian, Michael R. Tongel, Norman Wall, Ralph A. Jessar, Salvatore J. Vernace, Elliot A. Heller, Ahmad Hashemiyoon, Alf Abrahamsen, Michael A. Gold, Barry Jay Kaye, Alan H. Kotz, Joseph V. Cooper, Harris Trust and Savings Bank, as Executor of the Estate of Lloyd V. Conant, and Novick Bros., a Pennsylvania Partnership, as Investors who Purchased the Securities of Equidyne Extractive Industries 1980 Petro/Coal Program I and also Derivatively on Behalf of Equidyne 1980 Gas and Oil Associates I, a Limited Partnership, Plaintiffs, v. EQUIDYNE EXTRACTIVE INDUSTRIES 1980 PETRO/COAL PROGRAM I, Equidyne 1980 Gas and Oil Associates I, Equidyne 1980 Coal Venture, Equidyne Extractive Industries, Inc., Equidyne Corporation, Eastland Drilling Corporation, Eastern Mining Systems, Eastland Industries, Inc., Stuart R. Ross, Joel I. Beeler, Robert H. Liebmann, Robson, Miller & Osserman, and Marks Shron and Company, Defendants. ROBSON, MILLER & OSSERMAN, Third-Party Plaintiff, v. Joel I. BEELER, Third-Party Defendant.

United States District Court, S.D. New York.

November 23, 1992.

Attorney(s) appearing for the Case

Jackson & Nash, 330 Madison Avenue, New York City (Christopher S. Rooney, of counsel), The Law Offices of Curtis V. Trinko, New York City (Curtis V. Trinko, of counsel), for plaintiffs.

Scoppetta & Seiff, New York City (Nicholas Scoppetta, of counsel), for third-party defendant Joel I. Beeler.

Ohrenstein & Brown, New York City (Mark J. Bunim, Geoffrey W. Heineman, Seth Berman, of counsel), for defendant/third-party plaintiff Robson, Miller & Osserman.

MEMORANDUM & ORDER

KEVIN THOMAS DUFFY, District Judge:

The history of this action reflects the evolving status of the law of statutes of limitations in securities cases. Hopefully this is the last time that I will have to address it at length in this case.

On November 25, 1986, plaintiffs Ernest Gutman, Joseph Karlin, Edward J. Kineke, Thomas R. Casey, Robert Downing, Efrem Hian, Michael R. Tongel, Norman Wall, Ralph A. Jessar, Salvatore J. Vernace...

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