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THE LTD., INC. v. McCRORY CORP.

No. 85 Civ. 7444 (RLC).

683 F.Supp. 387 (1988)

THE LIMITED, INC. Plaintiff, v. McCRORY CORPORATION, Rapid-American Corporation, Rapid-American Holding Corporation, Touche Ross & Co., DBG Financial Company, Meshulam Riklis, Harold S. Divine, Bernard J. Blaney, Stephen L. Pistner, Arthur E. Strickman, Arnold Broser and Steven J. Greene, Defendants.

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

April 7, 1988.

Attorney(s) appearing for the Case

Parker Chapin Flattau & Klimpl, New York City (Alvin M. Stein, Mark Abramowitz, Stephen F. Harmon, Katherine C. Ash of counsel), for plaintiff.

Gibson Dunn & Crutcher, New York City (Walter L. Stratton, John T. Behrendt, Mitchell A. Karlan, Dvora Wolff Rabino, of counsel), for defendant Touche Ross & Co.

Rubin Baum Levin Constant & Friedman, New York City (Stephen A. Marshall, of counsel), for defendants McCrory Corp., Rapid-American Corp., Rapid-American Holding Corp, Meshulam Riklis, Bernard J. Blaney and Stephen L. Pistner.

Pollack & Kaminsky, New York City (Daniel A. Pollack Martin I. Kaminsky, of counsel), for defendants DBG Financial Co., Harold S. Divine, Arnold Broser and Steven J. Greene.

Gelberg & Abrams, New York City (Michael Luskin, of counsel), for defendant Arthur E. Strickman.

OPINION

ROBERT L. CARTER, District Judge.

BACKGROUND

In the early fall of 1984, The Limited, Inc., a corporation that operates a national chain of approximately 800 retail stores selling women's and children's apparel, entered negotiations to purchase all of the issued and outstanding stock of Lerner Stores Corporation ("Lerner"). The sellers were a collection of three corporations: McCrory Corp. ("McCrory"), which prior to April 2, 1985, owned...

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