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ERLING v. POWELL

Civ. No. 68-36S.

298 F.Supp. 1154 (1969)

E. F. ERLING, individually and on behalf of all other similarly situated former shareholders of the National Life of America, Plaintiff, v. F. C. POWELL, D. D. Powell, H. H. Helgerson and Stockman National Life Insurance Company, a corporation, Defendants.

United States District Court D. South Dakota, S. D.

April 23, 1969.

Attorney(s) appearing for the Case

George A. Bangs, of Bangs, McCullen, Butler & Foye, Rapid City, S. D., and Chandler L. Beach, of Benson, Beach & Fingerson, Huron, S. D., for plaintiff.

Robert C. Heege and Lawrence Piersol, of Davenport, Evans, Hurwitz & Smith, Sioux Falls, S. D., for defendants.

MEMORANDUM AND ORDER

HANSON, District Judge.

This ruling is predicated upon defendants' motion to dismiss.

The instant controversy arises out of the sale of certain shares of common stock of the National Life of America, a South Dakota insurance corporation. The plaintiff, E. F. Erling, was at all times relevant a minority shareholder of the corporation. Defendants were majority and selling shareholders. The sale was made to third parties. Plaintiff...

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