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MURKEN v. SOLV-EX CORPORATION

No. 24,685.

124 P.3d 1192 (2005)

138 N.M. 653

2005-NMCA-137

Arlo and Joyce MURKEN, on behalf of themselves and all others similarly situated, Plaintiffs-Appellees, v. SOLV-EX CORPORATION, John S. Rendall, W. Jack Butler, and Deutsche Morgan Grenfell, Inc., Defendants-Appellees, and John S. Rendall, and W. Jack Butler, Counter and Cross Claimants-Appellees, v. Suncor Energy, Inc.; Syncrude (Canada), Ltd.; Shell (Canada) Ltd.; Exxon-Mobil Corp.; Deutsche Bank, Ag; Lee Raymond and Kenneth Rawl (Exxon); Al Hyndman (True North Energy); Helmar Kopper (Deutsche Bank); and Merrill Lynch Pierce Fenner and Smith, Inc., Third Party Defendants-Appellees, and Bernard C. Baier (including shares held by Pension and Profit sharing Plan FBO Bernard C. Baier with Suburban Radiology, Patricia A. Baier, Mary Kathleen Baier, and Susan Baier); John Boessel; Harold S. Carpenter (including shares held by Marilyn N. Carpenter, Heartland Systems Company, and Carpenter Investment Company); Lee S. Chapman; Clark A. Colby (including shares held by Thomas Colby, Kimberly Colby, Clark A. Colby, Jr., Melinda Colby, Clark A. Colby III, Vicki Colby, Robert Vogel, and Mr. and Mrs. Kenneth Brooke, Lloyd Clarke, Peggy Williams, Stephanie Kempf, Jeff Lamson, Charles I. Colby and Ruth Colby Family Trust Number One, Ruth Colby Trust `A', Charles I. Colby and Ruth Colby Nation Development Trust, Charles I. Colby and Ruth Colby Family Trust, and The Six Incorporated Trust); Keith Denner; Joey Feste; Joe Fielder; William R. and Virginia R. Fielder; Jerry V. Flatt; Samuel A. Francis; Kenneth L. Haack; Armon J. Helvig; Steve Lindell; Holbrook Mahn; Edward J. Michael; Toby Michael; Cliff Phelps; Kelly Wentzel; and Don White, Proposed Intervenors-Appellants.

Court of Appeals of New Mexico.

October 25, 2005.

Attorney(s) appearing for the Case

Branch Law Firm, Turner W. Branch, Albuquerque, NM, Alexander, Hawes & Audet LLP, William M. Audet, San Jose, CA, for Appellees Arlo and Joyce Murken.

Modrall, Sperling, Roehl, Harris & Sisk, P.A., John R. Cooney, Charles A. Armgardt, Albuquerque, NM, Milbank, Tweed, Hadley & McCloy LLP, Jeffrey Barist, New York, NY, Michael D. Nolan, Washington, DC, for Appellee Deutsche Morgan Grenfell, Inc.

Johnson & Nelson, P.C., Robert A. Johnson, Albuquerque, NM, Jenkens & Gilchrist, Joel R. Sharp, Dallas, TX, for Appellee Merrill Lynch.

Sanchez, Mowrer & Desiderio, P.C., Robert J. Desiderio, Albuquerque, NM, for Appellants.

OPINION

KENNEDY, Judge.

{1} A securities fraud class action was filed against Solv-Ex Corporation (Solv-Ex), two of its executives (John S. Rendall and W. Jack Butler), and Deutsche Morgan Grenfell, Inc. (DMG) on October 29, 1996, after the value of Solv-Ex stock abruptly plummeted. Almost seven years later, on August 13, 2003, a group of persons claiming to be class members sought to intervene (the Intervenors...

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