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HEIT v. GULF & WESTERN INDUSTRIES, INC.

Civ. A. No. 3697.

321 F.Supp. 921 (1971)

Charles HEIT, Plaintiff, v. GULF & WESTERN INDUSTRIES, INC. and Arthur G. McKee & Company, Defendants.

United States District Court, D. Delaware.

January 14, 1971.

Attorney(s) appearing for the Case

Irving Morris, of Cohen, Morris & Rosenthal, Wilmington, Del., and Howard L. Jacobs, of Wolf, Popper, Ross, Wolf & Jones, New York City, for plaintiff.

S. Samuel Arsht and Lewis S. Black, Jr., of Morris, Nichols, Arsht & Tunnell, Wilmington, Del., for defendant Arthur G. McKee & Co.

Richard F. Corroon and Blaine T. Phillips, of Potter, Anderson & Corroon, Wilmington, Del., for defendant Gulf & Western Industries, Inc.

MEMORANDUM OPINION

CALEB M. WRIGHT, Chief Judge.

This is an action brought by Charles Heit ("Heit"), a stockholder of Arthur G. McKee & Company ("McKee") at all relevant times, on McKee's behalf against Gulf & Western Industries, Inc. ("G&W") to recover alleged "shortswing profits" G&W is said to have realized while it was a McKee "insider" by reason of its beneficial ownership of more than 10% of the outstanding McKee stock. Securities Exchange...

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