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DOWLING v. NARRAGANSETT CAPITAL CORP.

Civ. A. No. 87-0213-T.

735 F.Supp. 1105 (1990)

Daniel K. DOWLING and Stephen Casner, on behalf of themselves and all other similarly situated former stockholders of Narragansett Capital Corporation v. NARRAGANSETT CAPITAL CORPORATION, Arthur D. Little, Gregory P. Barber, Roger A. Vanderberg, Jonathan M. Nelson, Geraldine M. McNulty, Robert D. Manchester, Robert S. Davis, Raymond J. Armstrong, William P. Consodine, Harvey J. Sarles, John R. Rockwell, Frederick G. Frost, III, Rosalie J. Wolf, John M. Fox, Norman E. McCulloch, Jr., Paul A. Gusti, Lillian C. Martin, Doris M. Vigliotti, and Salomon Brothers, Inc.

United States District Court, D. Rhode Island.

April 17, 1990.

Attorney(s) appearing for the Case

Dennis E. Murray, Kirk J. Delli Bovi, Sandusky, Ohio, Robert D. Fine, Melvin L. Zurier, Licht & Semonoff, Providence, R.I., for plaintiffs.

Robert Flanders, Jeffrey C. Schreck, Robert Karmen, Flanders & Medeiros, Providence, R.I., for defendants.

Allen P. Rubine, Providence, R.I., for Salomon Brothers.

Thomas J. Schwarz, Skadden, Arps, Slate, Meagher & Flom, New York City, for Robert Manchester.

MEMORANDUM AND ORDER

TORRES, District Judge.

This is a suit by some former shareholders of Narragansett Capital Corporation who seek damages for the sale of all of the corporation's assets for what they say was a grossly inadequate price. Most of the defendants are directors, officers and/or shareholders who are accused of having orchestrated the sale for their own benefit and having solicited the approval of the remaining shareholders without adequately...

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