William I. KOCH; Oxbow Energy, Inc.; L.B. Simmons Energy, Inc., doing business as Rocket Oil Company; Spring Creek Art Foundation Inc.; Gay A. Roane; Ann Alspaugh; The Northern Trust Company, as trustee; Paul Anthony Andres Cox; Holly A.A.C. Farabee; Ronald W. Borders; Frederick R. Koch; The Fiduciary Trust Company International, Plaintiffs-Appellants, and
United States Trust Company of New York, as trustee; Marjorie Simmons Gray, as trustee; Marjorie L. Simmons, as trustee; Nationsbank N.A., co-trustee of the Louis Howard Andres Cox Trusts B & D, Plaintiffs,
v.
KOCH INDUSTRIES, INC.; Charles G. Koch; Sterling V. Varner; David H. Koch; Donald L. Cordes; Thomas M. Carey, Defendants-Appellees.
United States Court of Appeals, Tenth Circuit.https://leagle.com/images/logo.png
February 14, 2000.
February 14, 2000.
Attorney(s) appearing for the Case
Arthur R. Miller, Cambridge, Massachusetts, (Fred H. Bartlit, Jr., Donald E. Scott, Ellen A. Cirangle, Ryan D. Downs, Glen E. Summers, of Bartlit, Beck, Herman, Palenchar & Scott, Denver, Colorado, Attorneys for Plaintiffs-Appellants William I. Koch, Oxbow Energy, Inc., Northern Trust Company and Spring Creek Art Foundation; Harry L. Najim, of Najim Law Offices, Wichita, Kansas; Russell E. Brooks, Eugene F. Farabaugh, of Milbank, Tweed, Hadley & McCloy, New York, New York, Attorneys for Plaintiffs-Appellants Frederick R. Koch and The Fiduciary Trust Company International; Gregory S.C. Huffman, L. James Berglund, II, Christopher L. Barnes, of Thompson & Knight, P.C., Dallas, Texas, Attorneys for Plaintiffs-Appellants L.B. Simmons Energy, Inc. d/b/a Rocket Oil Company, Gay A. Roane, Ann Alspaugh, Paul Cox, Holly Farabee and Ronald Borders, with him on the briefs).
Robert L. Howard, of Foulston & Siefkin L.L.P., Wichita, Kansas (James M. Armstrong, James D. Oliver, and Timothy B. Mustaine with him on the briefs) for Appellees.
Before EBEL, McWILLIAMS, and MURPHY, Circuit Judges.
United States Court of Appeals, Tenth Circuit.
MURPHY, Circuit Judge.
I. INTRODUCTION
In June of 1983, a group of Koch Industries, Inc. ("KII") stockholders entered into a Stock Purchase Agreement ("SPA") with KII. Under the SPA, the selling stockholders (the "Plaintiffs"), who owned 47.8% of KII stock, received $200 per share, a total value of approximately $1.1 billion. Two years later, the Plaintiffs sued KII and individual KII officers (the "Defendants"), claiming the Defendants misrepresented and...
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