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SCHILLING v. BELCHER

Nos. 75-3974, 76-1517.

582 F.2d 995 (1978)

Dudley Warren SCHILLING, Plaintiff-Appellee Cross Appellant, v. J. A. BELCHER, Sr., et al., Defendants-Appellants Cross Appellees. Dudley Warren SCHILLING, Plaintiff-Appellee, v. J. A. BELCHER, Sr., et al., Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied December 21, 1978.

Attorney(s) appearing for the Case

John M. Brumbaugh, Miami, Fla., for plaintiff-appellee cross appellant in No. 75-3974.

Samuel J. Powers, Jr., James E. Tribble, Miami, Fla., for defendants-appellants.

Frates, Floyd, Pearson, Stewart, Proenza & Richman, Alan G. Greer, Miami, Fla., for plaintiff-appellee cross appellant in No. 75-3974 and plaintiff-appellee in No. 76-1517.

Before TUTTLE, CLARK and RONEY, Circuit Judges.

RONEY, Circuit Judge:

In this case involving Florida law, we hold that a shareholder who sells his stock pending appeal of a favorable judgment in a stockholder's derivative suit against the corporation, loses standing to further prosecute or defend the case, except to the extent the judgment runs personally in his favor, in this case, for attorney's fees.

This stockholder's derivative suit, brought in federal court on the basis of diversity of citizenship...

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