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BECHERER v. MERRILL LYNCH, PIERCE, FENNER & SMITH

No. 89-CV-72502.

920 F.Supp. 1345 (1996)

Richard C. BECHERER; Lawrence Milton Richard; Robert A. Horvath and Shirley L. Horvath; Henry V. Denolf and Joann L. Denolf, Individually and on Behalf of All Others Similarly Situated, Plaintiffs, Association of Unit Owners of the Registry Hotel at Pelican Bay, Incorporated, Intervenor-Plaintiff, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED; Can-American Corporation; Can-American Realty Corporation; Shelter Seagate Corporation; Garrett G. Carlson; Graham C. Lount; Arni Thorsteinson; Frank Lavin; Martin Cicco; Laventhol & Horvath; Dominion Financial & Investment Corp., a/k/a Trustbank Mortgage Center, Inc.; M.A. Mortenson Company; Winsor-Faricy Architects, Inc.; Midwest Title Guarantee Company of Florida; and Lehill Partners, Limited Partnership, Defendants.

United States District Court, E.D. Michigan, Southern Division.

March 13, 1996.

Attorney(s) appearing for the Case

Thomas R. Grady, Grady & Associates, Naples, FL, Bruce E. Gerstein, Garwin, Bronzaft, Gerstein & Fisher, New York City, Eugene A. Spector, Spector & Roseman, P.C., Philadelphia, PA, and Elwood S. Simon, Elwood S. Simon & Associates, Bloomfield Hills, MI, for plaintiffs.

Steve Gaskins, Cosgrove, Flynn, Gaskins & Haskell, Mary Yeager, Faegre & Benson, Sam Kaplan, Kaplan, Strangis & Kaplan, Minneapolis, MN, and Jon B. Gandelot, Gandelot & Dickson, P.C., Detroit, MI, for SSG.

Thomas G. McNeill, Dickinson, Wright, Moon, VanDusen & Freeman, Detroit, MI, for Mortenson.

Jonathan T. Walton, Jr., Clark, Klein & Beaumont, Detroit, MI, for Trustbank.

Sheldon Klein, Dennis K. Egan, Butzel Long, P.C., Detroit, MI, David C. Andrew, Baker, Donelson, Bearman & Caldwell, Washington, DC, for Merrill Lynch.

Melissa Horne, Kerr, Russell and Weber, Detroit, MI, for Winsor/Faricy.

Frank W. Brochert, Plunkett & Cooney, Detroit, MI, for Midwest Title.

Mark T. Boonstra, Miller, Canfield, Paddock & Stone, Detroit, MI and Howard O. Godnick, Schulte Roth & Zabel, New York City, for Registry Hotel Corp.

Susan LaCava, Madison, WI, for Assoc. of Unit Owners.

Sharon M. Woods, Barris, Sott, Denn & Driker, P.L.L.C., Detroit, MI, for Thomas Grady.

OPINION AS TO THE APPLICABILITY OF THE LAND SALES ACT AND THE ISSUE OF VIRTUAL REPRESENTATION

FEIKENS, District Judge.

I. Background

This case commenced nearly seven years ago with the filing of a lengthy complaint (hereinafter "the Class Action Complaint" or "the complaint") alleging that 298 investors, who asked to be designated as a class, suffered financial injury in connection with their purchases of unit interests in a 474-room resort...

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