CARFAGNO EX REL. CENTERLINE HOLDING v. SCHNITZER

No. 08 Civ. 912(SAS).

591 F.Supp.2d 630 (2008)

CARFAGNO, derivatively on behalf of CENTERLINE HOLDING COMPANY, Plaintiff, v. Marc D. SCHNITZER, Stephen M. Ross, Jeff T. Blau, Leonard W. Cotton, Robert J. Dolan, Nathan Gantcher, Jerome Y. Halperin, Robert L. Loverd, Robert A. Meister, Janice Cook Roberts, and Thomas W. White, Defendants. and Centerline Holding Company, Nominal Defendant.

United States District Court, S.D. New York.

December 1, 2008.


Attorney(s) appearing for the Case

Beth A. Kaswan, Esq., Scott + Scott, LLP, New York, NY, David R. Scott, Esq., Scott + Scott, LLC(CT), Colchester, CT, Walter W. Noss, Esq., Scott + Scott, LLP, Cleveland Heights, OH, for Plaintiff.

Richard A. Rosen, Esq., Daniel J. Leffell, Esq., Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendants Schnitzer, Levy, Cotton, Allen, Dolan, Meister, Gantcher, Halperin, Loverd, Roberts and White.

Peter L. Simmons, Esq., Fried, Frank, Harris, Shriver & Jacobson LLP, New York, NY, for Defendants Ross and Blau.

Jennifer F. Beltrami, Esq., Wolfblock, LLP, New York, NY, for Defendant Centerline Company.


OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge.

I. INTRODUCTION

John Carfagno brings actions derivatively on behalf of Centerline Holding Company ("Centerline" or the "Company") and directly on behalf of the Company's share-holders, alleging that defendants, who are members of the Company's Board of Trustees, entered into a number of transactions with the purpose of "enriching insiders" at the "expense" of public shareholders.

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