THREE KEYS LTD. v. SR UTILITY HOLDING CO.

No. 07-1005.

540 F.3d 220 (2008)

THREE KEYS LTD., a Maryland Corporation, Appellant v. SR UTILITY HOLDING COMPANY, a New Jersey Corporation; The Estate of Samuel Rappaport, Deceased, as the majority shareholder of SR Utility Holding Company; Wil Wes Rappaport, individually and as Administrator d.b.n.c.t.a. of the Estate of Samuel Rappaport, Deceased; Tracy Rappaport Scott, individually and as Administrator d.b.n.c.t.a. of the Estate of Samuel Rappaport, Deceased; Mellon Bank N.A., as Administrator d.b.n.c.t.a. of the Estate of Samuel Rappaport, Deceased; Rita Rappaport, an individual; Carl Cordek, an individual.

United States Court of Appeals, Third Circuit.

Opinion Filed: August 20, 2008.


Attorney(s) appearing for the Case

John A. Guernsey (argued), Kevin D. Kent, Mark E. Seiberling, Conrad, O'Brien, Gellman & Rohn, Thomas A. Leonard, Louis B. Kupperman, Obermayer, Rebmann, Maxwell & Hippel, Philadelphia, PA, for Appellants.

Ronald J. Shaffer (argued), Fox Rothschild, Philadelphia, PA, Eric M. Wood, Horn, Goldberg, Gorny, Plackter, Weiss & Perskie, Allison L. Kashon, Fox Rothschild, Atlantic City, NJ, for Appellees.

Before: FUENTES, JORDAN, Circuit Judges, and O'NEILL, JR, District Judge.


OPINION OF THE COURT

FUENTES, Circuit Judge:

Samuel Rappaport died in 1994 leaving an estate valued at over $58 million to his wife and two children. In 2002, the Pennsylvania Orphan's Court removed the estate executors, Richard Basciano and Lois Palmer, after finding that they engaged in multiple acts of mismanagement, conversion of estate assets, and self-dealing. The present action was initiated in the United States District Court for the District of...

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