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GREEN v. BROWN

No. 66 Civ. 2511.

276 F.Supp. 753 (1967)

Jeffrey M. GREEN, Plaintiff, v. J. Carter BROWN, Henry C. Brunie, L. A. Casler, W. P. Considine, Henry A. Loeb, Royal Little, Harry Lynn Pierson, James E. Robison, Albert H. Rubenstein, Clarke Simonds, J. B. Somerall, and Narragansett Capital Corporation, Defendants.

United States District Court S. D. New York.

July 7, 1967.

Attorney(s) appearing for the Case

Sidney L. Garwin, New York City, for plaintiff.

Kaye, Scholer, Fierman, Hays & Handler, New York City, for defendant Narragansett Capital Corp.

Pomerantz, Levy, Haudek & Block, New York City, for defendants Henry C. Brunie, Royal Little, James E. Robison and J. B. Somerall; Cahill, Gordon, Reindel & Ohl, New York City, for defendant Henry A. Loeb.

OPINION

McLEAN, District Judge.

This is a derivative action by a stockholder of Narragansett Capital Corporation, a closed-end, non-diversified investment company, against directors of that corporation. Plaintiff charges that defendants violated the Investment Company Act of 1940 by causing Narragansett, without prior approval of its stockholders, to invest more than 20 per cent of its combined capital and surplus in securities of Bevis Industries, Inc....

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