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29-Mar-2020 16:08

Panellino,and Clarisse Panellino, Appellants in 95-5768. Panellino, and Clarisse Panellino, Appellants in 96-5128. The Complaint did not specifically include the lawfirm Cravath, Swaine & Moore ("Cravath") or David Ormsby, a Cravath partner, in any of these categories. Capezza, Estrelita Capezza, Jacques Cormier, Anite Cormier, Steven Kalinowski, Bernard Kalinowski, Charles R. Capezza, Estrelita Capezza, Jacques Cromier, Anite Cormier, Steven Kalinowski, Bernard Kalinowski, Charles R. The district court adopted this classification and divided the defendants into six categories:1 City Defendants, Inside Director Defendants, Director Defendants, Financing Defendants, Mortgagee Defendants and Lot Contract Defendants. Mantell ----------------------------------- Lester J. Others loaned GDC money and extended credit to the company.Exhibit 1 Action of Trustees Under City Investing Company Liquidating Trust Agreement the Undersigned, Trustees Under the City Investing Company Liquidating Trust Agreement (The "Trust Agreement") Dated September 25, 1985, by and Between City Investing Company and the Undersigned, Hereby Take the Following Action Pursuant to Section 6.2 (Q) of the Trust Agreement: Resolved That, Because Certain Contingent Liabilities May Not Be Resolved Prior to September 25, 2005 the Existence of the Trust Is Hereby Extended Until the Earlier of (A) the Complete Distribution of the Trust Estate or (B) September 25, 2006, Unless an Earlier Termination Is Required by the Applicable Laws of the State of Delaware or by the Action of the Beneficiaries as Provided in Section 4.2 of the Trust Agreement or a Later Termination Is Required by the Trustees Pursuant to Section 6.2 (Q) of the Trust Agreement. in Witness Whereof, the Undersigned Have Caused This Action to Be Taken as of the 29th Day of July of 2005. Carson Trustee _____________________________________ John J. Quirk Trustee _____________________________________ Lester J. Mantell Trustee" href="#" Exhibit 1 Action of Trustees Under City Investing Company Liquidating Trust Agreement the Undersigned, Trustees Under the City Investing Company Liquidating Trust Agreement (The "Trust Agreement") Dated September 25, 1985, by and Between City Investing Company and the Undersigned, Hereby Take the Following Action Pursuant to Section 6.2 (Q) of the Trust Agreement: Resolved That, Because Certain Contingent Liabilities May Not Be Resolved Prior to September 25, 2005 the Existence of the Trust Is Hereby Extended Until the Earlier of (A) the Complete Distribution of the Trust Estate or (B) September 25, 2006, Unless an Earlier Termination Is Required by the Applicable Laws of the State of Delaware or by the Action of the Beneficiaries as Provided in Section 4.2 of the Trust Agreement or a Later Termination Is Required by the Trustees Pursuant to Section 6.2 (Q) of the Trust Agreement. Perretti, Jr., Riker, Danzig, Scherer, Hyland & Perretti, Morristown, NJ, for Appellees Cravath, Swaine & Moore and David G. Plaintiffs assert that the district court erred in dismissing their RICO claims and abused its discretion by denying them leave to amend their complaint.

This case and its related proceedings have a long and convoluted history. § 1701 et seq ("Land Sales Act"), federal securities laws, and common law fraud against thirty-five named defendants. Although the court found that plaintiffs' complaint stated claims under the Land Sales Act for aiding and abetting against some defendants, but not others, all of their Land Sales Act Claims were time barred. After the sales fraud was initially discovered, the City Defendants attempted to distance themselves from GDC. Ehrling, who served as both officers and directors of GDC during this period. The City Defendants include City Investing Company, later City Trust, ("City"), its subsidiaries and several of its directors.2 The Complaint alleges that City had an ownership interest in and controlled GDC. Bartkus, Pinto, Rodgers and Kopf, Morristown, NJ, for Appellee Prudential Insurance Company of America. Ford, Landman, Corsi, Ballaine & Ford, Newark, NJ, for Appellee Federal Home Loan Mortgage Corporation. Moldoff, Adelman, Lavine, Gold & Levin, Philadelphia, PA, for Appellees Oxford Fin Co., and Oxford First Corp. OPINION OF THE COURT ROTH, Circuit Judge: This case arises from the sale of residential realty in Florida. William and Rosanne Tenerelli, purchased lots and homes from General Development Corporation ("GDC") and its subsidiary GDV Financial, Inc. They claim that they were deceived by a fraudulent marketing scheme which induced them to purchase residential lots and homes at inflated prices. The court held that plaintiffs' RICO claims were time-barred; plaintiffs had failed to plead adequately the existence of a RICO conspiracy; and they had failed to satisfy the essential requirements for pleading aider and abettor liability under RICO.

Altieri, Shanley & Fisher, Morristown, NJ, for Appellee Painewebber, Inc. Colodner, Kirkpatrick & Lockhart, New York, NY, for Appellee Merrill, Lynch, Pierce, Fenner & Smith, Inc. Reisberg, Willkie, Farr & Gallagher, New York, NY, Robert E. Fitzgerald, Gunster, Yoakley, Valdes-Fauli & Stewart, West Palm Beach, FL, for Appellee National Bank of Canada. George Kielman, Federal Home Loan Mortgage Corporation, Legal Department, Mc Lean, VA, Gerald T. Silverman, Kluger, Peretz, Kaplan & Berlin, Miami, FL, Joseph A. Gibson (Argued), Steel, Hector & Davis, West Palm Beach, FL, Joseph J. Finally, the district court denied plaintiffs' Motion to file a Second Amended Complaint that would have restructured and reformulated their action.



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