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SCULLY v. US WATS

Nos. 99-1590 & 99-1653.

238 F.3d 497 (2001)

Mark Scully v. Us Wats, Inc.; Kevin O'Hare,individually and in his capacity as President of Us Wats; Aaron Brown, individually and in his capacity as Chairman of the Board of Directors of Us Wats; Stephen Parker, individually and in his capacity as Executive Vice-President of Us Wats, Inc.; Aaron Brown; Stephen Parker; Appellants in 99-1590 Mark Scully, Appellant in 99-1653.

United States Court of Appeals, Third Circuit.

Filed February 1, 2001.

Attorney(s) appearing for the Case

Steven M. Coren (argued) Bruce Bellingham Kaufman, Coren, Ress & Weidman, P.C. 1525 Locust Street 17th Floor Philadelphia, Pennsylvania 19102, Attorneys for Appellants/ Cross-Appellees US WATS, Inc., Aaron Brown, and Stephen Parker.

Jonathan D. Wetchler (argued) Amy Anderson Miraglia Wolf, Block, Schorr & Solis-Cohen LLP 1650 Arch Street 22nd Floor Philadelphia, Pennsylvania 19103, Attorneys for Appellee/ Cross-Appellant Mark Scully.

BEFORE: SCIRICA, ALITO, and FUENTES, Circuit Judges.

OPINION OF THE COURT

FUENTES, Circuit Judge:

In this appeal, the primary issue is whether US WATS improperly denied Mark Scully the right to exercise his stock option following his wrongful termination, and, if so, whether the District Court, in awarding damages, improperly failed to apply a discount from market value to account for the option shares' lack of marketability. In May 1995, US WATS, Inc., a Pennsylvania...

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