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HOWARD v. SHAY

No. 93-56605.

100 F.3d 1484 (1996)

Newman HOWARD; Gilbert Leon Allen; Joan Howard; Theodore H. Pope, as Representatives of Plan Participants Similarly Situated on Behalf of the Employee Stock Ownership Plan of Pacific Architects and Engineers Incorporated, Plaintiffs-Appellants, v. Edward A. SHAY; Martin L. Lehrer; Richard L. Smith; Allen Shay; Pacific Architects and Engineers, Inc., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided November 22, 1996.

Attorney(s) appearing for the Case

Raymond G. Kolts, Gary C. Nawa, Kolts & Nawa, Pasadena, CA, for plaintiffs-appellants.

Lester G. Ostrov, Fogel, Feldman, Ostrov, Ringler & Klevens, Santa Monica, CA, for defendants-appellees.

Wayne R. Berry, United States Department of Labor, Plan Benefits Security Division, Washington, DC, for the amicus curiae.

Before FARRIS, O'SCANNLAIN and TASHIMA, Circuit Judges.

Opinion by Judge FARRIS; Dissent by Judge O'SCANNLAIN.

FARRIS, Circuit Judge:

INTRODUCTION

The plaintiffs are participants in an Employee Stock Ownership Plan that was created for the benefit of the employees of Pacific Architects and Engineers, Inc., a California corporation. In 1974, the ESOP purchased approximately 40% of Pacific's stock from Edward Shay for $4,269,162, or $10.67 per share. Shay was the president and chairman of Pacific...

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