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FAIT v. HUMMEL

No. 02-3500.

333 F.3d 854 (2003)

Robert FAIT, as Trustee of the Robert L. and Judith R. Trust, Plaintiff-Appellant, v. Albert HUMMEL, James Lumsden, Howard Myles, FF-Pentech, L.P., Pentech Investors, LLC and Pentech Pharmaceuticals, Inc., an Illinois corporation, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided June 27, 2003.

Attorney(s) appearing for the Case

Carey M. Stein, Ashman & Stein, Chicago, IL, Kenneth J. Ashman (argued), Chicago, IL, for Plaintiff-Appellant.

Eric N. Macey (argued), Novack & Macey, Chicago, IL, David G. Lynch, Piper Rudnick, Chicago, IL, for Defendant-Appellee.

Before ROVNER, DIANE P. WOOD, and EVANS, Circuit Judges.

TERENCE T. EVANS, Circuit Judge.

In May 2001, the board of directors of Pentech Pharmaceuticals, Inc. approved a stock offering they hoped would ward off bankruptcy by infusing the company with more than $4 million. But the ability to keep the company afloat wasn't the transaction's only selling point to the board. In addition, the offering diluted the voting power of the existing common stock, allowing the preferred shareholders (who had elected all of the board...

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