Minnie Krantman v. Liberty Loan Corporation
Opinion of the Court
There is absent from this appeal any assertion that the findings of fact made by the district judge sitting without a jury are unsupported by the evidence. Under Rule 52(a), Federal Rules of Civil Procedure, 28 U.S.C., “Findings of fact shall not be set aside unless clearly erroneous, and due regard shall be given to the opportunity of the trial court to judge of the credibility of the witnesses.” After our study of this record and the parties’ briefs we leave those findings undisturbed.
Minnie Krantman, plaintiff, owns 25 shares of Class A stock of the defendant, Liberty Loan Corporation, existing under Delaware laws, engaged in the small loan business. Plaintiff, an Iowa resident, acquired that stock September 16, 1954 at 23% per share through her attorney who placed an order with a broker. Liberty issued its certificate on October 18, 1954 for those shares in plaintiff’s name. Krantman’s purchase took place approximately sixty days after defendant, I. H. Levy (President, Director and controlling stockholder of Liberty until July 19, 1954) together with several business associates and members of his family consummated á sale to Key Finance Company of their holdings of 7241 shares out of a total issue of 7500 Class “B” shares of Liberty. In addition to the corporate defendant and Levy, other officers and directors of Liberty were joined as individual' defendants.
This is a stockholder’s derivative suit commenced October 20, 1954 on Liberty’s behalf and its Class A stockholders cornplaining of, and challenging: (1) the Employees’ Stock Purchase Plan; (2) the issuance of 92,500 shares of common
Our recent discussion of Rule 41 (b) in Penn-Texas Corporation v. Morse, 7 Cir., 1957, 242 F.2d 243 explains the impact of, and how, that Rule controls this appeal. The “Contested Issues” and “Propositions of Law Relied Upon” by Krantman in her brief are simply generalizations of law without bearing on the facts reported by the trial judge. The facts of this case are reported below as Krantman v. Liberty Loan Corporation, D.C. Ill.1956, 152 F.Supp. 705.
All judgments, orders and decrees itemized in plaintiff’s notice of appeal are hereby affirmed in all respects.
Judgment affirmed.
Concurring Opinion
I concur in the result.
Reference
- Full Case Name
- Minnie KRANTMAN, Plaintiff-Appellant, v. LIBERTY LOAN CORPORATION Et Al., Defendants-Appellees
- Cited By
- 1 case
- Status
- Published