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GARDNER & FLORENCE CALL COWLES FOUND v. EMPIRE INC.

No. 468, Docket 84-7674.

754 F.2d 478 (1985)

GARDNER AND FLORENCE CALL COWLES FOUNDATION, Minneapolis Star & Tribune Pension Trust, Princeton Day School, David Schwartz Foundation, Scripps Clinic, and Simpson College, Plaintiffs-Appellants, v. EMPIRE INCORPORATED, Allen & Company, Incorporated, Reliance Insurance Company, S.A. Spencer, H.N. Forman, Harold M. Wit, and Robert W. Plaster, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided February 12, 1985.

Attorney(s) appearing for the Case

Aaron M. Fine, Philadelphia, Pa. (Allen D. Black, Edward B. Rock, Fine, Kaplan & Black, Philadelphia, Pa., Lawrence Levine, Cynthia Rollings, Beldock, Levine & Hoffman, New York City, of counsel), for plaintiffs-appellants.

James Robertson, Washington, D.C. (Richard W. Cass, David M. Becker, Charles E. Davidow, Wilmer, Cutler & Pickering, Washington, D.C., Harvey J. Goldschmid, Werbel, Grossman & McMillin, Blair C. Fensterstock, New York City, of counsel), for defendants-appellees.

Before FRIENDLY, WINTER and PRATT, Circuit Judges.

WINTER, Circuit Judge:

This appeal is from Judge Knapp's order dismissing the complaint after the instant action had been removed from the New York state courts. The district court held that plaintiffs, holders of convertible debentures issued by a company that had recently gone private in a leveraged buyout, had failed to state a claim for relief with regard to losses in the value of their conversion rights. Gardner and Florence Call Cowles Foundation v. Empire...

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