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MOTIENT CORP. v. DONDERO

No. 07-10302.

529 F.3d 532 (2008)

MOTIENT CORP., Plaintiff-Appellant, v. James D. DONDERO; Highland Capital Management Services, Inc.; Highland Capital Management, L.P.; Highland Crusader Offshore Partners, L.P.; Highland Equity Focus Fund, L.P.; Highland Legacy Limited; Highland Select Equity Fund, L.P.; PAMCO Cayman, Ltd.; Prospect Street High Income Portfolio, Inc.; Prospect Street Income Shares, Inc.; Strand Advisors, Inc., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

May 27, 2008.

Attorney(s) appearing for the Case

T. Ray Guy, Paige Holden Montgomery, Weil, Gotshal & Manges, Dallas, TX, Richard William Slack (argued), Weil, Gotshal & Manges, New York City, for Motient Corp.

Jay Joseph Madrid, Kristen Lee Sherwin, Stephanie Sansing White, Winstead, PC, Gary D. Eisenstat, Figari & Davenport, Dallas, TX, Craig T. Enoch (argued), Winstead, PC, Austin, TX, for Dondero.

Paul Brian Lackey, Michael Philip Aigen, Lackey Hershman, Dallas, TX, Darryl Wade Anderson, Fulbright & Jaworski, Houston, TX, for all other Defendants-Appellees.

Before DAVIS and SOUTHWICK, Circuit Judges, and CLARK, District Judge.

CLARK, District Judge:

This is a suit for damages and injunctive relief under the Securities Exchange Act, 15 U.S.C. § 78m(d) (1934) (amended 1970). The district court correctly held that there is no private cause of action for monetary damages under the Act and dismissed the suit for failure to state a cause of action. However, circumstances changed during the pendency of the appeal so that there is no longer any threat of irreparable harm and the request for...

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