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MAUL v. KIRKMAN

270 N.J. Super. 596 (1994)

637 A.2d 928

BILLIE JANE MAUL, LIDA M. STELLA, ELAINE B. ZARYCRANSKI, DOROTHY B. KAUFMANN, HARRIET OSTERWEIS, THEODORE E. LAPRES, JR., AND FIRST FIDELITY BANK, N.A., AS CO-TRUSTEES UNDER THE WILLS OF THEODORE E. LAPRES AND MARIE T. LAPRES, AND THOMAS L. GLENN, JR., AND FIRST FIDELITY BANK, N.A., AS CO-TRUSTEES UNDER THE WILL OF THOMAS L. GLENN, SR., PLAINTIFFS-RESPONDENTS/CROSS-APPELLANTS, v. ELWOOD F. KIRKMAN, DANIEL BELL, JR., ALAN VOSS, HOWARD O. HURD, JR., AND CAROL K. TRIMBLE, ALL AS INDIVIDUALS AND AS DIRECTORS OF BOARDWALK SECURITIES CORPORATION, AND JOHN DOES WHO ARE OTHER DIRECTORS AND/OR OFFICERS OF BOARDWALK SECURITIES CORPORATION, DEFENDANTS-APPELLANTS/CROSS-RESPONDENTS, AND BOARDWALK SECURITIES CORPORATION, A NEW JERSEY CORPORATION, NOMINAL DEFENDANT.

Superior Court of New Jersey, Appellate Division.

Decided February 2, 1994.

Attorney(s) appearing for the Case

Richard A. Grossman, argued the cause for appellants/cross-respondents (Grossman & Kruttschnitt, attorneys; Thomas J. Heavey and Mr. Grossman of Grossman & Kruttschnitt, and John T. Kelley of Saul, Ewing, Remick & Saul, on the brief).

George F. Kugler, Jr., argued the cause for respondents/cross-appellants (Archer & Greiner, attorneys; Ellis I. Medoway and Mr. Kugler, on the brief).

Before Judges J.H. COLEMAN, MUIR, Jr., and LEVY.

The opinion of the court was delivered by MUIR, Jr., J.A.D.

This case is a stockholder derivative action and a class action brought by minority stockholders against the president,1 directors, and majority stockholders of the nominal defendant, Boardwalk Securities Corporation (BSC). In November 1987 plaintiffs filed their complaint in the Chancery Division of the Superior Court. They captioned it as a "Stockholders Derivative Action and...

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