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IN RE PHAR-MOR, INC. SECURITIES LITIGATION

Civ. A. Nos. 92-1938, 94-2077 and 94-2076. MDL No. 959. Master File No. Misc. 93-96.

185 B.R. 497 (1995)

In re PHAR-MOR, INC. SECURITIES LITIGATION. OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF PHAR-MOR, INC. and Fifteen Affiliated Companies, Plaintiff, v. ACTION INDUSTRIES, INC., et al., Defendants. OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF PHAR-MOR, INC. and Fifteen Affiliated Companies, Plaintiff, v. PNC VENTURE CORP., et al., Defendants.

United States District Court, W.D. Pennsylvania.

August 22, 1995.

Attorney(s) appearing for the Case

David Murphy, Pepper, Hamilton & Scheetz, Detroit, MI, Harry W. Greenfield, Cleveland, OH, for Official Committee and Unsecured Creditors.

Edwin L. Klett, Pittsburgh, PA, for Westinghouse.

James H. McConomy, Pittsburgh, PA, for DeBartolo.

OPINION

ZIEGLER, Chief Judge.

Plaintiff, Official Committee of Unsecured Creditors of Phar-Mor, Inc. and Fifteen Affiliated Companies (the "Committee"), brings these actions on behalf of the debtor, Phar-Mor, Inc., and its creditors to recover from defendants, who are or were Phar-Mor shareholders, approximately $72.2 million that Phar-Mor paid to defendants in August of 1991 to repurchase shares of Phar-Mor stock. Pending before the court are cross...

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