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FELDHEIM v. SIMS

No. 1-03-0149.

800 N.E.2d 410 (2003)

344 Ill. App.3d 135

279 Ill.Dec. 342

Timothy FELDHEIM, Rick Olswanger, Dave Bartelstein, John Zawaski, and Virginia McGathey, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. Frank L. SIMS, Michael B. Alexander, Jerry R. Steinborn and Truit E. Trogdon, on behalf of themselves and all others similarly situated, Defendants-Appellees.

Appellate Court of Illinois, First District, Fourth Division.

Rehearing Denied December 17, 2003.

Attorney(s) appearing for the Case

Robinson, Curley & Clayton, P.C. (Fay Clayton, C. Philip Curley, John D. Cummins, Jr. and Darlene M. Oliver, of counsel), and Sachnoff & Weaver, Ltd. (Lowell E. Sachnoff, Barry S. Rosen, J. Samuel Tenebaum, Michael Richman, and Henry Pietrkowski, of counsel), Chicago, for Appellants.

Kirkland & Ellis, Chicago (Garrett B. Johnson, Donna M. Welch and Steven C. Seeger, of counsel), for Appellees.

Justice HARTMAN delivered the opinion of the court:

Involved in this appeal is the restructuring of the Chicago Board of Trade (CBOT), the largest futures and options exchange in the United States, from a not-for-profit Delaware corporation to two, fully-demutualized, for—profit Delaware corporations, establishing open outcry (New CBOT) and electronic trading (eBOT) businesses (collectively, proposed CBOT), as delineated by a January 19, 2000 resolution of...

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