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HOOVER v. ALLEN

180 F.Supp. 263 (1960)

Loring R. HOOVER, Somers H. Smith, G. A. Buder, Jr., Frances Lamer, Clare F. Slutzkin, Howard V. Scotland, Howard V. Scotland, Trustee for Howard V. Scotland, Jr., U.D.T. January 1, 1955, M. Jack Breitbart, and Mrs. Dorothy Bliss Breitbart, in their own behalf as stockholders of Defendant American-Hawaiian Steamship Company, and in behalf of all other stockholders similarly situated, Plaintiffs, v. George E. ALLEN, M. J. Frechie, Willard W. Keith, Samuel H. Moerman, James H. Sharp, D. K. Ludwig and American-Hawaiian Steamship Company, Defendants.

United States District Court S. D. New York.

January 14, 1960.

Attorney(s) appearing for the Case

Loring R. Hoover, New York City, for plaintiffs other than Loring R. Hoover.

Kaufman, Taylor & Kimmel, New York City, for plaintiff Loring R. Hoover. Stanley L. Kaufman, New York City, of counsel.

Lester M. Levin, New York City, for defendant American-Hawaiian S. S. Co.

Hughes, Hubbard, Blair & Reed, New York City, for defendants James H. Sharp, Samuel H. Moerman and D. K. Ludwig. Harold L. Smith, New York City, of counsel.

WEINFELD, District Judge.

In this derivative action an order was entered upon the parties' stipulation, which provided (a) that all proceedings on the part of Hoover, the sole original plaintiff, be stayed until he was joined by stockholders holding stock of an aggregate market value in excess of $50,000; or (b) until plaintiff gave security in the sum of $75,000. Absent compliance with either condition by May 15, 1959, the action was to be dismissed.

Thereafter...

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