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QUINN v. POST

No. 66 Civ. 3281.

262 F.Supp. 598 (1967)

David C. QUINN and Stuart M. Speiser, individually, and as stockholders of the Airways Club, Inc., a corporation, suing on behalf of themselves and all other stockholders of the Airways Club, Inc., similarly situated, and in the right of the Airways Club, Inc., a Delaware corporation, Plaintiffs, v. Troy V. POST et al., Defendants.

United States District Court S. D. New York.

January 5, 1967.

Attorney(s) appearing for the Case

Speiser, Shumate, Geoghan & Krause, New York City, for plaintiffs; Stuart M. Speiser, Alfred W. Gans, New York City, of counsel.

Kaye, Scholer, Fierman, Hays & Handler, New York City, for defendants Troy V. Post, Greatamerica Corp., American-Amicable Life Ins. Co., Braniff Airways, Inc. and Gulf Life Ins. Co.; Sheldon Oliensis, New York City, Murray J. Laulicht, New York City, of counsel.

Kissam & Halpin, New York City, for defendants Morris D. Jaffe, First Financial Life Ins. Co., Wallace M. Greene, Raymond D. Luecker and Roger Zeller; Leo T. Kissam, Neal Hurwitz, New York City, of counsel.

Davis, Polk, Wardwell, Sunderland & Kiendl, New York City, for defendant The Airways Club, Inc.; Robert B. Fiske, Jr., John Zuccotti, New York City, of counsel.

OPINION

WEINFELD, District Judge.

This is a derivative action on behalf of The Airways Club, Inc. (Airways) commenced in September 1966 in the New York State Supreme Court by two stockholder plaintiffs, one a citizen of the State of New York, and the other a citizen of the State of Connecticut. The complaint in a single claim alleges a conspiracy by the defendants, individuals and corporations, to waste the corporate assets of Airways, and generally to injure...

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