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PANFIL v. ACC CORP.

No. CIV-90-212C.

768 F.Supp. 54 (1991)

Walter J. PANFIL, Plaintiff, v. ACC CORP. (f/k/a A.C. Teleconnect Corp.), Richard T. Aab, Robert F. Sykes, and Sykes Associates, a Partnership, Defendants.

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

March 7, 1991.

Attorney(s) appearing for the Case

Damon & Morey (William F. Savino, and Anthony J. Colucci, III, of counsel), Buffalo, N.Y., for plaintiff.

Harter, Secrest & Emery (Kenneth A. Payment, of counsel), Rochester, N.Y., for defendants.

CURTIN, District Judge.

BACKGROUND

This case involves an allegation of securities fraud. Plaintiff, Walter J. Panfil, is the former president of Network Consultant's, Inc., a New York corporation involved in the telecommunications business. On November 30, 1984, Network Consultant's agreed to merge into A.C. Teleconnect Corp., a subsidiary of defendant ACC Corporation ("ACC"). As majority shareholder in Network Consultant's, Mr. Panfil received cash and...

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