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INDEPENDENCE FEDERAL SAVINGS BANK v. BENDER

No. CIV.A. 04-736(RMC).

326 F.Supp.2d 36 (2004)

INDEPENDENCE FEDERAL SAVINGS BANK, Plaintiff, v. Morton A. BENDER, et al., Defendants.

United States District Court, District of Columbia.

July 9, 2004.

Attorney(s) appearing for the Case

James H. Schropp, Fried, Frank, Harris, Shriver & Jacobson LLP, Washington, DC, for Plaintiff.

Donna S. Mangold, James E. Tompert, Dale A. Cooter, Cooter, Mangold, Tompert & Wayson, L.L.P., Washington, DC, for Defendant.

MEMORANDUM OPINION ON APPLICATION FOR PRELIMINARY INJUNCTIVE RELIEF AGAINST "POISON PILL"

COLLYER, District Judge.

Morton and Grace Bender (the "Benders"), as joint tenants, are the beneficial owners of 326,000 shares of common stock of Independence Federal Savings Bank ("Independence" or "Bank"), and thereby own approximately 21% of the outstanding stock of the Bank. In March 2004, the Bank's Board of Directors unanimously voted to accept a bid from Carver...

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