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STEINBERG v. CAREY

No. 75 Civil 1695.

439 F.Supp. 1233 (1977)

David and Dorothy STEINBERG, on behalf of themselves and all others similarly situated, Plaintiffs, v. William Polk CAREY, John L. Gibbons, Robert M. Morgan, William S. Renchard, Fred R. Sullivan, James R. Webb, Peter C. R. Huang, James V. Tomai, Jr., C. I. Realty Investors, City Investing Company, C. I. Planning Corporation, Reynolds Securities Inc. and duPont Glore Forgan Incorporated, Defendants.

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

November 3, 1977.

Attorney(s) appearing for the Case

Richard D. Greenfield, Sterling H. Schoen, Jr., Philip Stephen Fuoco, Bala Cynwyd, Pa., Rembar, Wolf & Curtis, New York City, for plaintiffs.

Skadden, Arps, Slate, Meagher & Flom, New York City, for defendants William Polk Carey, William S. Renchard, Fred R. Sullivan and James R. Webb; Kurt Koegler, Gage Andretta, New York City, of counsel.

Davis, Polk & Wardwell, New York City, for defendants C. I. Realty Investors, City Investing Co., C. I. Planning Corp., Peter C. R. Huang, James V. Tomai, Jr., John L. Gibbons; S. Hazard Gillespie, Mark L. Austrian, James L. Kerr, of counsel.

Dewey, Ballantine, Bushby, Palmer & Wood, New York City, for defendants Reynolds Securities Inc. and duPont Glore Forgan Inc.; Hugh N. Fryer, Weaver H. Gaines, Jr., M. Pat Adamski, John J. Langhauser, New York City, of counsel.

OPINION

EDWARD WEINFELD, District Judge.

C. I. Realty Investors ("CIRI" or the "Trust") is a real estate investment trust organized under Massachusetts law for the purpose of investing as an equity owner and as a long term mortgage lender with equity participations in income producing properties such as apartment buildings, shopping centers, office buildings, industrial parks, warehouses and hotels. CIRI made...

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