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LANE v. MIDWEST BANCSHARES CORPORATION

No. LR-71-C-32.

337 F.Supp. 1200 (1972)

Harlan LANE, Plaintiff, v. MIDWEST BANCSHARES CORPORATION and W. B. Collett, Defendants, The FIRST NATIONAL BANK OF POINSETT COUNTY, ARKANSAS, et al., Third-Party Defendants, The United States of America, Intervenor.

United States District Court, E. D. Arkansas, W. D.

January 31, 1972.

Attorney(s) appearing for the Case

Cyril E. Hollingsworth, Jr., of Davidson, Plastiras & Horne, Little Rock, Ark., for Lane.

Edward Lester of Lester & Shults, Little Rock, Ark., for Midwest Bancshares and W. B. Collett.

Karl Blanchard, of Blanchard, Van Fleet, Robertson & Dermott, Joplin, Mo., for First State Bank of Joplin.

Phillip Carroll, of Rose, Barron, Nash, Williamson, Carroll & Clay, Little Rock, Ark., for Couch Leasing Corp.

Henry S. Wilson, Trumann, Ark., for First National Bank of Poinsett County, Arkansas.

Sidney H. McCollum, Asst. U. S. Atty., Eastern District of Arkansas, Little Rock, Ark., for the United States.

MEMORANDUM OPINION

HENLEY, Chief Judge.

This case arises out of transactions which commenced in Little Rock, Arkansas, on March 27, 1970. On that date plaintiff, Harlan Lane, and defendant, W. B. Collett, entered into a written contract under the terms of which Lane was to sell to Collett 3,200,000 shares of common stock in a corporation known as La-Co, Inc., for a total price of $1,300,000. Collett was to pay...

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