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ABRAMS v. OCCIDENTAL PETROLEUM CORPORATION

Nos. 67 Civ. 2858, 67 Civ. 3291, 67 Civ. 4042 and 67 Civ. 4977.

323 F.Supp. 570 (1970)

Stephen ABRAMS, Plaintiff, v. OCCIDENTAL PETROLEUM CORPORATION et al., Defendants, and Kern County Land Company, a Delaware Corporation, et al., Defendants to Counterclaims. Action No. 1 Isaac MUKAMAL, Plaintiff, v. OCCIDENTAL PETROLEUM CORPORATION et al., Defendants, and Dwight M. Cochran et al., Defendants to Counterclaims. Action No. 2 KERN COUNTY LAND COMPANY, a Delaware Corporation, Plaintiff, and Stephen Abrams, Plaintiff-Intervenor, v. OCCIDENTAL PETROLEUM CORPORATION, a California Corporation, Defendant, and Tenneco Inc., a Delaware Corporation, et al., Defendants to Counterclaims. Action No. 3 COLONIAL REALTY CORPORATION, Plaintiff, v. OCCIDENTAL PETROLEUM CORPORATION et al., Defendants. Action No. 4

United States District Court, S. D. New York.

Supplemental Opinion January 27, 1971.

Second Supplemental Opinion February 18, 1971.

Attorney(s) appearing for the Case

Cahill, Gordon, Sonnett, Reindel & Ohl, New York City for defendants Tenneco, Inc. and Tenneco Corp. and plaintiff KCL Corp., David R. Hyde, New York City, of counsel.

Kaufman, Taylor, Kimmel & Miller, New York City, for plaintiff Mukamal; Stanley L. Kaufman, New York City, of counsel.

Wolf, Popper, Ross, Wolf & Jones, New York City, Gen. Counsel for plaintiffs (other than KCL Corp.); Benedict Wolf, New York City, of counsel.

Pomerantz, Levy, Maudek & Block, New York City, for plaintiff Colonial Realty Corp.; Abraham L. Pomerantz, New York City, of counsel.

Davis, Polk & Wardwell, New York City, for defendants Kern County Land Co., Dwight M. Cochran and George Montgomery; S. Hazard Gillespie, New York City, of counsel.

Phillips, Nizer, Benjamin, Krim & Ballon, New York City, for defendant Occidental Petroleum Corp.; Louis Nizer, Simon Rose, New York City, of counsel.

PALMIERI, District Judge.

These proceedings relate to the liability under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b), of Occidental Petroleum Company (Occidental) for short-swing profits from the purchase and sale of securities. Several motions for summary judgment are presently before the Court. They grow out of four suits initiated in this court against Occidental for its part in a series of transactions between May and December...

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