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D&N FINANCIAL CORP. v. RCM PARTNERS LTD.

Civ. A. No. 90-157-JJF.

735 F.Supp. 1242 (1990)

D & N FINANCIAL CORPORATION, Plaintiff, v. RCM PARTNERS LIMITED PARTNERSHIP, G & G Partners Limited Partnership, Schwartz/Coville Partnership, Schwartz Investment Counsel, Inc., George P. Schwartz, Richard J. Nelson and G. Robert Reichenbach, Defendants.

United States District Court, D. Delaware.

April 24, 1990.

Attorney(s) appearing for the Case

Honigman Miller Schwartz & Cohn, Detroit, Mich., R. Franklin Balotti, Gregory P. Williams, Anne C. Foster, William P. Bowden, Joseph R. Slights, III, and Matthew J. Ferretti, of Richards Layton & Finger, Wilmington, Del., for plaintiff.

Carl H. vonEnde, and Mark T. Boonstra, of Miller Canfield Paddock & Stone, Detroit, Mich., Michael D. Goldman, James F. Burnett, and Stephen C. Norman, of Potter Anderson & Corroon, Wilmington, Del., for defendants.

OPINION

FARNAN, District Judge.

I. FACTS

A. Introduction

This case essentially involves a dispute between a savings bank and its largest shareholder over the bank's recent poor financial performance and what should be done about it. Plaintiff is D & N Financial Corporation (hereinafter "D & N"), a corporation with its principal place of business in Hancock, Michigan. Its sole subsidiary is D & N Savings Bank, a federally...

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