IN RE FLIGHT TRANSP. CORP. SECURITIES LITIGATION

Nos. 83-2021, 83-2114, 83-2115 and 83-2121.

730 F.2d 1128 (1984)

In re FLIGHT TRANSPORTATION CORPORATION SECURITIES LITIGATION. Drexel Burnham LAMBERT Incorporated and Moseley, Hallgarten, Estabrook & Weeden, Inc., on behalf of themselves and all others similarly situated, Appellants, v. FLIGHT TRANSPORTATION CORPORATION, FTC Executive Air Charter, Inc., FTC Cayman, Ltd., and William Rubin, Appellees, Putnam High Yield Trust, United High Income Fund, Inc., Opperheimer High Yield Fund; Continental Illinois Nat'l Bank & Trust Co. of Chicago, Greyhound Leasing, & Norwest Bank Minneapolis, N.A., Norwest Bank Calhoun-Isles, N.A., and named plaintiffs in the action of Frank P. Antinore, et al., Intervenors. In re FLIGHT TRANSPORTATION CORPORATION SECURITIES LITIGATION. Appeal of FOX & COMPANY. In re FLIGHT TRANSPORTATION CORPORATION SECURITIES LITIGATION. Appeal of Jack ADAMS, Jr., Ezell Jones, Russell T. Lund, Jr., Wardwell M. Montgomery, Delbert Oldenburg, Marjorie Terhaar, Larry Walston, Walston Wings, Inc., Lunds, Inc., and Edward Brunner. In re FLIGHT TRANSPORTATION CORPORATION SECURITIES LITIGATION. Appeal of REAVIS & McGRATH.

United States Court of Appeals, Eighth Circuit.

Decided March 26, 1984.

Rehearing and Rehearing Denied May 25, 1984.


Attorney(s) appearing for the Case

Dorsey & Whitney, James H. O'Hagan, Minneapolis, Minn., for appellants Drexel Burnham Lambert Incorporated and Moseley, Hallgarten, Estabrook & Weeden Inc.

Cahill, Gordon & Reindel, (a partnership including professional corporations) New York City, of counsel, for appellant Drexel Burnham Lambert Inc.

Shearman & Sterling, New York City, of counsel, for appellant Moseley, Hallgarten, Estabrook & Weeden Inc.

Gray, Plant, Mooty, Mooty & Bennett, Edward J. Callahan, Jr., Thomas Darling, Dylan J. McFarland, Minneapolis, Minn., for Greyhound Leasing & Financial Corp.

Robins, Zelle, Larson & Kaplan, Howard Patrick, James R. Safley, Minneapolis, Minn., for Continental Illinois Nat. Bank & Trust Co. of Chicago.

Faegre & Benson, Duane W. Krohnke, Thomas H. Bennin, Minneapolis, Minn., for Norwest Bank Minneapolis, N.A. and Norwest Bank Calhoun-Isles, N.A.

Resnick & Bartsh, P.A., Thomas C. Bartsh, Minneapolis, Minn., for Receiver of Flight Transp. Corp. and its subsidiaries.

Best & Flanagan, James C. Diracles, Frank Vogl, Minneapolis, Minn., for Putnam High Yield Trust, United High Income Fund, Inc. and Oppenheimer High Yield Fund, individually and as certified class representatives of Subclass IV (Unit Purchasers).

Before LAY, Chief Judge, HENLEY, Senior Circuit Judge, and ARNOLD, Circuit Judge.


Rehearing and Rehearing En Banc Denied May 25, 1984.

ARNOLD, Circuit Judge.

This appeal presents the question whether the District Court abused its discretion in approving a "settlement" among claimants in a massive securities-fraud case that has been further complicated by a bankruptcy. We affirm in the main, vacate with respect to one aspect of the settlement, and remand for further proceedings.

I.

A.

Flight Transportation Corporation...

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