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LORENZ v. CSX CORP.

Nos. 92-3667, 92-3694.

1 F.3d 1406 (1993)

William F. LORENZ and Karen M. Lorenz, his wife; Victor A. Czerny; John Schmidt and Janice J. Schmidt, his wife; Marjorie Slapin; Thaddeus E. Drake and Celia Drake, his wife; and Edith E. Berenkey; individually and on behalf of a class of former debentureholders similarly situated, Appellants in 92-3667, v. CSX CORPORATION (formerly Chessie Systems, Inc.); the Chesapeake and Ohio Railroad; the Baltimore and Ohio Railroad Company and the Chase Manhattan Bank, N.A. Ethel B. SAVIN, individually and on behalf of a class of former debentureholders similarly situated, Appellant in 92-3694, v. CSX CORPORATION (formerly Chessie Systems, Inc.); the Chesapeake and Ohio Railroad; the Baltimore and Ohio Railroad Company and the Chase Manhattan Bank, N.A.

United States Court of Appeals, Third Circuit.

Decided August 6, 1993.

Attorney(s) appearing for the Case

Michael P. Malakoff (argued), Malakoff Doyle & Finberg, P.C., Pittsburgh, PA, for appellants.

Anthony J. Basinski (argued), Reed Smith Shaw & McClay, Pittsburgh, PA, for appellees CSX Corp. (formerly Chessie Systems, Inc.), the Chesapeake and Ohio R. Co. and the Baltimore and Ohio R. Co.

Robert C. Myers (argued), Karen A. Estilo, Dewey Ballantine, New York City, H. Woodruff Turner, Kirkpatrick & Lockhart, Pittsburgh, PA, for appellee the Chase Manhattan Bank.

Before: SCIRICA, COWEN and WEIS, Circuit Judges.

OPINION OF THE COURT

COWEN, Circuit Judge.

Prior to December 13, 1977, the plaintiffs in these two related actions purchased convertible debentures issued by the defendant Baltimore and Ohio Railroad Company ("B & O"). At that time, 99.63% of the B & O's shares were owned by defendant Chesapeake and Ohio Railroad Company, which in turn was a wholly-owned subsidiary of Chessie Systems, Inc., the corporate predecessor to

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