FIRST CITY SECURITIES, INC. v. SHALTIEL

Nos. 93-3347, 93-3511 & 93-3901.

44 F.3d 529 (1995)

FIRST CITY SECURITIES, INCORPORATED, Plaintiff-Appellee, Cross-Appellant, v. Moshe SHALTIEL and Riga International, Defendants-Appellants, Cross-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided January 5, 1995.


Attorney(s) appearing for the Case

A. Benjamin Goldgar, Jonathan G. Bunge, Keck, Mahin & Cate, Chicago, IL, Cary B. Samowitz, Keck, Mahin & Cate, Mathew E. Hoffman (argued), Rosen & Reade, New York City, for plaintiff-appellee in No. 93-3347.

Gerald B. Mullin (argued), Rosenthal & Schanfield, Peter Flynn, Myron M. Cherry, David D. Merritt, Cherry & Flynn, Chicago, IL, for defendant-appellant in No. 93-3347.

A. Benjamin Goldgar, Jonathan G. Bunge, Scott R. Lassar, Angela Marsh, Roland Spies, Marianne C. Holzhall, Keck, Mahin & Cate, Chicago, IL, Cary B. Samowitz, Keck, Mahin & Cate, Mathew E. Hoffman (argued), Rosen & Reade, New York City, for plaintiff-appellant in No. 93-3511.

Gerald B. Mullin (argued), Rosenthal & Schanfield, Myron M. Cherry, David D. Merritt, Cherry & Flynn, Chicago, IL, for defendant-appellee in No. 93-3511.

A. Benjamin Goldgar, Jonathan G. Bunge, Angela Marsh, Keck, Mahin & Cate, Chicago, IL, Cary B. Samowitz, Keck, Mahin & Cate, Mathew E. Hoffman (argued), Rosen & Reade, New York City, for plaintiff-appellee in No. 93-3901.

Gerald B. Mullin (argued), Rosenthal & Schanfield, Peter Flynn, Myron M. Cherry, David D. Merritt, Cherry & Flynn, Chicago, IL, for defendant-appellant in No. 93-3901.

Before FLAUM, EASTERBROOK, and ROVNER, Circuit Judges.


EASTERBROOK, Circuit Judge.

Moshe Shaltiel, a stockbroker from Chicago, met Samuel Belzberg, an entrepreneur and financier from Vancouver, while the two were on vacation in California. After several years of social friendship, Belzberg proposed that the pair join forces in making investments. Belzberg and his firms (First City Financial Corporation and its many affiliates) would put up the money for investments Shaltiel selected; the two would share profits, and in...

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