IN RE SOUTHEAST BANKING CORP.

Nos. 94-4611, 94-5027.

69 F.3d 1539 (1995)

In re SOUTHEAST BANKING CORPORATION, Debtor. William A. BRANDT, Jr., as Trustee of Southeast Banking Corporation, Plaintiff-Appellant, v. Florence S. BASSETT, as Personal Representative of the Estate of Harry Hood Bassett, Donald N. Boyce, Joseph A. Boyd, M. Anthony Burns, Edward D. Duda, et al., Defendants-Appellees. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Southeast Bank, N.A., Intervenor-Plaintiff, v. William A. BRANT, Jr., as Trustee of Southeast Banking Corporation, Florence S. Bassett, as Personal Representative of the Estate of Harry Hood Bassett, et al., Intervenors-Defendants. William A. BRANDT, Jr., as Trustee of Southeast Banking Corporation, derivatively and on behalf of the Federal Deposit Insurance Corporation as receiver of Southeast Bank, N.A. and Southeast Bank, West Florida, Plaintiff-Appellant, v. Florence S. BASSETT, as Personal Representative of the Estate of Harry Hood Bassett, Donald N. Boyce, Joseph A. Boyd, et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

November 30, 1995.


Attorney(s) appearing for the Case

J. Joseph Bainton, José A. Baez, New York City, for appellant in No. 94-4611.

Stuart J. Baskin, Shearman & Sterling, New York City, for appellees in No. 94-4611.

Joel S. Perwin, Podhurst, Orseck, Josefsberg, Eaton, Meadow, Olin & Perwin, P.A., Miami, FL, for Outside Directors.

Michael Nachwalter, Brian F. Spector, Kenny Nachwalter, Seymour, Arnold Critchlow & Spector, P.A., Miami, FL, Jerome G. Snider, Davis Polk & Wardwell, New York City, C. Harris Dittmar, Jacksonville, FL, for Zwick in No. 94-4611.

J. Joseph Bainton, John G. McCarthy, Ross & Hardies, New York City, for appellant in No. 94-5027.

Robert T. Wright, Mershon, Sawyer, Johnston, Dunwoody & Cole, P.A., Miami, FL, for Bassett in No. 94-5027.

Stuart J. Baskin, Shearman & Sterling, New York City, for D. Boyce, J. Boyd, M. Burns, E. Duda, A. Fanjul, J. Forese, R. Goode, H. Henry, M. Jacobs, K. Johnson, N. Katzenbach, J. McLamore, W. Robinson, & D. Weaver in No. 94-5027.

C. Harris Dittmar, Bedell, Dittmar, Devault & Pillans, P.A., Jacksonville, FL, for C. Towers.

Jerome E. Snider, Davis, Polk & Wardwell, P.A., Washington, DC, Michael Nachwalter, Brian F. Spector, Kenny, Nachwalter, Seymour, Arnold, Critchlow & Spector, P.A., Miami, FL, for C. Zwick in No. 94-5027.

Aaron S. Podhurst, Joel S. Perwin, Podhurst, Orseck, Josefsberg, Easton, Meadow, Olin & Perwin, Miami, FL, for Boyce, Boyd, Burns, Duda, Fanjul, Forese, Goode, Henry, Jacobs, Johnson, Katzenbach, McLamore, Robinson and Weaver in No. 94-5027.

Before HATCHETT and CARNES, Circuit Judges, and OWENS, District Judge.


CARNES, Circuit Judge:

This is a consolidated appeal from two district court orders dismissing certain averments brought by a Chapter 7 bankruptcy trustee on behalf of a bank holding company against former directors and officers of the holding company and its subsidiary bank.

In the first case, No. 94-4611, the district court dismissed some averments in the complaint on the ground that they constitute a derivative action which can be asserted only by the Federal...

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