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ELIASEN v. ITEL CORP.

No. 95-3458.

82 F.3d 731 (1996)

Axel N. ELIASEN, Robert V. Rollheiser, and Allan L. Apter, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. ITEL CORPORATION, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided April 29, 1996.

Rehearing and Suggestion for Rehearing Denied May 30, 1996.

Attorney(s) appearing for the Case

Stuart Smith (argued), Christopher L. Gallinari, Gordon & Glickson, Chicago, IL, for Plaintiffs-Appellants.

Howard J. Roin (argued), Peter John Donoghue, Jonathan L. Marks, Erik J. Lillya, Julie L. Meyers, Mayer, Brown & Platt, Chicago, IL, Lynn D. Thesing, Alpharetta, GA, for Itel Corp., Itel Rail Corp., Howard L. Chabner, James Chandler, Rod F. Dammeyer, Jack P. Edwards, Desmond Hayes, William J. Herndon, Gary M. Hill, Curtis J. Hockaday, Robert C. Kiehnle, James E. Knox, Paul L. Loveday, Carl V. Lyon, Charles D. Martin, Samuel Zell, Thomas O. Kloehn and Quarles & Brady.

Before POSNER, Chief Judge, and KANNE and EVANS, Circuit Judges.

Rehearing and Suggestion for Rehearing En Banc Denied May 30, 1996.

POSNER, Chief Judge.

Three years ago Itel Corporation, which owned all the common stock plus 78 percent of the Class B debentures of the Green Bay & Western Railroad Company, sold the railroad. The owners of the remaining Class B debentures, who are the plaintiffs in this class action against Itel, claim to be entitled to share in the proceeds of the sale over and above the $1,000 face...

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