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IOTA INDUSTRIES, INC. v. FRIEDLANDER

No. 76 Civ. 1122(MP).

430 F.Supp. 198 (1977)

IOTA INDUSTRIES, INC. (formerly known as Commonwealth United Corporation), a Delaware Corporation, et al., Plaintiffs, v. George A. FRIEDLANDER et al., Defendants.

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

April 21, 1977.

Attorney(s) appearing for the Case

Burns, Van Kirk, Greene & Kafer, New York City, for plaintiffs, by William D. Greene, Paul N. Sternbach and John T. Hug, Jr., New York City, of counsel.

Burgoyne, Michels, Rose & Williamson, New York City, for defendants George A. Friedlander, Robert B. Friedlander, Roger K. Soderberg, Exeter Equities, and T. H. E. Investment Corp., by Donald J. Williamson and Graham S. Rose, New York City, of counsel.

Herman E. Cooper and Maria T. Jones, New York City, for defendant Sidney H. Kibrick.

Natanson, Reich & Barrison, New York City, for defendants Louis J. Nicastro and Charles Koppleman, by Harold L. Kestenbaum, New York City, of counsel.

OPINION AND DECISION

POLLACK, District Judge.

This suit is posited on alleged violations of the federal securities laws which are claimed to have tainted a purchase and sale agreement of March 11, 1970 that conveyed the assets of the real estate division of plaintiff Iota Industries, Inc.'s predecessor ("Commonwealth") to defendant Exeter Equities for allegedly inadequate consideration. Rescission, a constructive trust, damages and legal fees are sought...

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