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IN RE SOUTHEAST BANKING CORP.

No. 92-1600-CIV.

212 B.R. 397 (1997)

In re SOUTHEAST BANKING CORP. SECURITIES AND LOAN LOSS RESERVES LITIGATION.

United States District Court, S.D. Florida.

August 1, 1997.

Attorney(s) appearing for the Case

J. Joseph Bainton, Ross & Hardies, New York City, for William A. Brandt, Jr.

Stuart Baskin, Shearman & Sterling, New York City, for Outside Directors.

Walter C. Carlson, Sidley & Austin, Chicago, IL, for Moeller.

Robert W. Clark, MacFarlane Ausley Ferguson & McMullen, Tampa, FL, for RTC.

C. Harris Dittmar, Bedell Dittmar Devault & Pillans, Jacksonville, FL, for Charles D. Towers.

R. Thomas Farrar, Holland & Knight, Miami, FL, for Ernst & Young.

Thomas Meeks, Zuckerman Spaeder Taylor & Evans, Miami, FL, Michael R. Smith, King & Spalding, Atlanta, GA, for Porta, Hill, Hudak, Milne.

Michael Nachwalter, Brian F. Spector, Kenny Nachwalter Seymour, Miami, FL, Jerome G. Snider, Davis Polk & Wadwell, New York City, for Charles Zwick.

Aaron S. Podhurst, Podhurst Orseck & Josefsberg, Miami, FL, for Outside Directors.

Hy Shapiro, Hogan, Greer & Shapiro, Miami, FL, for Dorothy Weaver.

W. Sidney Davis, Jr., Susan C. Cockfield, Davis Scott Weber & Edwards, Miami, FL, for Deloitte & Touche.

ORDER ADOPTING REPORT AND RECOMMENDATION

EDWARD B. DAVIS, Chief Judge.

THIS MATTER is before the Court on the Officers and Directors' Emergency Motion to Dismiss and for Monetary Sanctions (D.E.366). On June 25, 1996, Magistrate Judge Garber issued a Report recommending that this Court (1) grant Defendants' Motion for Dismissal and Sanctions and (2) dismiss this cause with prejudice. After reviewing the parties'

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