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GRANADER v. PUBLIC BANK

Civ. No. 29240.

281 F.Supp. 120 (1967)

Harry GRANADER, in his individual capacities of his separate businesses and as a stockholder and director of Public Bank, and as a member of the following classes: the classes being the stockholders of Public Bank, a Michigan Banking Corporation, and the Directors of the Public Bank, a Michigan banking corporation, Plaintiff, Irwin J. Kasoff and Rose Kasoff, Individually and on behalf of the Public Bank Shareholders Protective Association and for other stockholders similarly situated as a class, Plaintiffs-Intervenors, v. PUBLIC BANK, a Michigan banking corporation, et al., Defendants.

United States District Court E. D. Michigan, S. D.

November 17, 1967.

Attorney(s) appearing for the Case

William I. Liberson, Peter P. Gilbert, Detroit, Mich., for plaintiff.

Harry H. Young, Detroit, Mich., for Kasoffs, plaintiffs-intervenors.

Frank J. Kelley, Atty. Gen. of Mich., Lansing, Mich., Harry M. Nayer, Detroit, Mich., for financial institutions of Michigan (defendant).

George E. Parker, III, Detroit, Mich., for Federal Deposit Insurance Corp.

Edward B. Harrison, Detroit, Mich., for Touche, Ross, Bailey & Smart, defendants.

Avern Cohn, Detroit, Mich., for Federal Deposit Ins. Corp., defendant.

William H. Merrill, Detroit, Mich., for Bank of the Commonwealth, defendant.

OPINION ON DEFENDANTS' MOTION FOR A SUMMARY JUDGMENT AND/OR MOTION TO DISMISS

KAESS, District Judge.

This is an action arising out of the sale of all the assets of Public Bank, a Michigan banking corporation, to the Bank of the Commonwealth, another Michigan banking corporation, on October 12, 1966. The sale took place after Wayne County Circuit Judge Benjamin D. Burdick declared the Public Bank to be insolvent and appointed Federal Deposit Insurance Corporation...

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