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KAHANSKY v. EMERSON RADIO & PHONOGRAPH CORPORATION

184 F.Supp. 90 (1960)

Harry KAHANSKY, Plaintiff, v. EMERSON RADIO & PHONOGRAPH CORPORATION and Webcor, Inc., Defendants. JAMES J. DUANE & COMPANY, Plaintiff, v. EMERSON RADIO & PHONOGRAPH CORPORATION and Webcor, Inc., Defendants.

United States District Court S. D. New York.

May 27, 1960.

Attorney(s) appearing for the Case

Nemerov & Shapiro, New York City, for plaintiff Kahansky.

Martin Horwitz, New York City, for plaintiff James J. Duane & Company (Mortimer A. Shapiro, Martin Horwitz, Aaron Schwartz, New York City, Martin E. Gotkin, New York City, of counsel).

Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for defendant Emerson Radio (Simon H. Rifkind, Paul J. Newlon, Joel E. Miller, New York City, of counsel).

RYAN, District Judge.

All parties have moved for summary judgment in these companion suits filed by two stockholders of Webcor, Inc., against Emerson to recover alleged short-swing profits. Section 16(b) (15 U.S. C.A. § 78p(b)).

There are no facts in dispute. The resolution of the motion lies in the answer to two questions: (1) was Emerson "an insider" within the statute; (2) if so, was there a purchase and sale by it of Webcor stock at a profit.

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