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CONTEMPORARY INDUSTRIES CORP. v. FROST

No. 08-1325.

564 F.3d 981 (2009)

CONTEMPORARY INDUSTRIES CORPORATION, doing business as Contemporary Industries Mid-America, Inc., doing business as Contemporary Industries Southern, Inc.; Official Committee of Unsecured Creditors of CIC, Appellants, v. Terry G. FROST; M. Sue Schmidt, in her capacity as Trustee of the-Erik N. Frost Irrevocable Trust-Brett R. Frost Irrevocable Trust-Erik N. Frost Irrevocable (QSST) Trust-Brett R. Frost Irrevocable (QSST) Trust; Nancy A. Kuhl; Daniel J. Kuhl; David T. Cap; Susan A. Cap, Appellees.

United States Court of Appeals, Eighth Circuit.

Filed: April 29, 2009.

Attorney(s) appearing for the Case

Thomas Randall Wright, argued, Omaha, NE, Robert V. Ginn, Omaha, NE, Paul B. Bran, Washington, DC, on the brief, for appellant.

William M. Lamson, Jr., argued, Frank N. Schepers, Craig F. Martin, Omaha, NE, on the brief, for appellee.

Before WOLLMAN, BEAM, and BENTON, Circuit Judges.

BEAM, Circuit Judge.

Contemporary Industries Corporation (individually, "Contemporary Industries") and the Official Committee of Unsecured Creditors of CIC (collectively with Contemporary Industries, "CIC") appeal from a grant of summary judgment in favor of the former shareholders of Contemporary Industries. CIC seeks to avoid payments made to those shareholders in exchange for their Contemporary Industries stock during a leveraged buyout of the corporation. The...

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