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ALLOYS UNLIMITED, INC. v. GILBERT

No. 70 Civ. 4.

319 F.Supp. 617 (1970)

ALLOYS UNLIMITED, INC., Plaintiff, v. Peter GILBERT, Defendant.

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

November 4, 1970.

Attorney(s) appearing for the Case

Weiss, Bronston, Rosenthal, Heller & Schwartzman, New York City, for plaintiff; Richard F. Horowitz, New York City, of counsel.

Rubin, Wachtel, Baum & Levin, New York City, for defendant; Martin A. Coleman, and Carl R. Aron, New York City, of counsel.

MANSFIELD, District Judge.

Upon this motion for summary judgment in an action for recovery of short-swing profits under § 16(b) of the Securities Exchange Act of 1934, we are faced with the question of whether sale of pledged stock constitutes a "sale" within the meaning of § 16(b). Upon the undisputed facts we conclude that it does and award summary judgment on the issue of liability, leaving for trial the issue of damages. See Rule 56(d), F.R.Civ.P.

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