ECKSTEIN v. BALCOR FILM INVESTORS

Nos. 94-3271, 94-3609 and 94-3766.

58 F.3d 1162 (1995)

Robert ECKSTEIN, et al., Plaintiffs-Appellants, v. BALCOR FILM INVESTORS, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 26, 1995.

Rehearing and Suggestion for Rehearing Denied July 21, 1995.


Attorney(s) appearing for the Case

George P. Kersten, E. Campion Kersten (argued), Kersten & McKinnon, Jerry H. Friedland, Galanis & Friedland, Milwaukee, WI, for Ralph Majeski, Joseph Yach, Janice Waisman, Larry R. Peterson, Thomas Weil, Lee Aldridge, Randy Karpinsky, Kenneth Kulas, Robb S. Elliott and Raymond Harding in 94-3271.

Steven L. Bashwiner (argued), Mary Ellen Hennessy, Katten, Muchin & Zavis, Chicago, IL, Ross A. Anderson, Whyte Hirschboeck Dudek, Milwaukee, WI, for Balcor Entertainment Co., Balcor Co., Balcor/American Express, Inc., Balcor Securities and American Express Co. in Nos. 94-3271 and 94-3609.

Terry E. Mitchell, Mitchell, Baxter, O'Meara & Mathie, Milwaukee, WI, H. Nicholas Berberian (argued), Jerry M. Santangelo, Robert J. Mandel, Neal, Gerber & Eisenberg, Chicago, IL, for Shearson Lehman Hutton, Inc. in Nos. 94-3271 and 94-3609.

Steven L. Bashwiner, Mary Ellen Hennessy, Katten, Muchin & Zavis, Chicago, IL, Ross A. Anderson, Whyte Hirschboeck Dudek, Milwaukee, WI, Dennis M. Perluss, Morrison & Foerster, Los Angeles, CA, for New World Pictures, Ltd., in Nos. 94-3271 and 94-3609.

Steven L. Bashwiner, Mary Ellen Hennessy, Katten, Muchin & Zavis, Chicago, IL, Ross A. Anderson, Whyte Hirschboeck Dudek, Milwaukee, WI, for Balcor Film Investors in No. 94-3271.

George P. Kersten, E. Campion Kersten (argued), Kersten & McKinnon, Jerry H. Friedland, Maria Lazar, Galanis & Friedland, Milwaukee, WI, for Ralph Majeski, Joseph Yach, Janice Waisman, Larry R. Peterson, Thomas Weil, Patricia M. Aldridge, as personal representative of the Estate of Lee Aldridge, Randy Karpinsky, Kenneth Kulas, Robb S. Elliott and Raymond Harding in 94-3609.

Steven L. Bashwiner, Mary Ellen Hennessy, Amy E. Smith, Katten, Muchin & Zavis, Chicago, IL, Ross A. Anderson, Whyte Hirschboeck Dudek, Milwaukee, WI, for Balcor Film Investors in No. 94-3609.

Robert S. Schachter, Robin F. Zwerling (argued), Hillary Sobel, Zwerling, Schachter, Zwerling & Koppell, Jules Brody, Mellisa R. Emert, Stull, Stull & Brody, New York City, Michael S. Glassman, Kathleen L. Clemens, Glassman & Clemens, Los Angeles, CA, for Robert Eckstein and Sylvia Eckstein in No. 94-3766.

C. Elizabeth McCarty, Mary Ellen Hennessy, Amy E. Smith, Katten, Muchin & Zavis, Chicago, IL, John A. Lawrence, Richman, Lawrence, Mann, Greene, Arbiter & Chizever, Beverly Hills, CA, Dennis M. Perluss, Morrison & Foerster, Los Angeles, CA, for Balcor Film Investors.

Steven L. Bashwiner (argued), C. Elizabeth McCarty, Mary Ellen Hennessy, Amy E. Smith, Katten, Muchin & Zavis, Chicago, IL, John A. Lawrence, Richman, Lawrence, Mann, Greene, Arbiter & Chizever, Beverly Hills, CA, Dennis M. Perluss, Morrison & Foerster, Los Angeles, CA, for Balcor Entertainment Co., Balcor Co., Balcor Securities, Jerry M. Reinsdorf, Robert A. Judelson, James E. Finley, Gregory Junkin, Barry Jackson, Joseph A. Kruszynski, and New World Entertainment Ltd. in No. 94-3766.

W. Stuart Parsons, Quarles & Brady, Milwaukee, WI, Steven L. Bashwiner, C. Elizabeth McCarty, Mary Ellen Hennessy, Amy E. Smith, Katten, Muchin & Zavis, Chicago, IL, John A. Lawrence, Richman, Lawrence, Mann, Greene, Arbiter & Chizever, Beverly Hills, CA, Dennis M. Perluss, Morrison & Foerster, Los Angeles, CA, for Lawrence Kuppin and Robert Rehme.

Colleen A. Scherkenbach, W. Stuart Parsons, Quarles & Brady, Milwaukee, WI, Steven L. Bashwiner, C. Elizabeth McCarty, Mary Ellen Hennessy, Amy E. Smith, Katten, Muchin & Zavis, Chicago, IL, John A. Lawrence, Richman, Lawrence, Mann, Greene, Arbiter & Chizever, Beverly Hills, CA, Dennis M. Perluss, Morrison & Foerster, Los Angeles, CA, for Harry Sloan.

Before CUMMINGS, COFFEY, and EASTERBROOK, Circuit Judges.


Rehearing and Suggestion for Rehearing En Banc Denied July 21, 1995.

EASTERBROOK, Circuit Judge.

A decade ago Balcor Film Investors (BFI) sold $48 million of securities to the public through an offering registered under the Securities Act of 1933. Litigation commenced in 1988 and 1989 became snagged by a change of rules defining the period of limitations. When last the case was here, we held that the suit by the Eckstein class is problematic on the merits...

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