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Insider trading activities including stock purchases, stock sales, and option exercises of CNVLZ listed in the above tables cannot be completely guaranteed as to their a limited liability company formed to complete the liquidation of New York REIT. 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. Capezza; Estrelita Capezza; Jacques Cormier; Anite Cormier; Steven Kalinowski; Bernard Kalinowski; Charles R. Dodyk, Cravath, Swaine & Moore, New York, NY, for Appellees Am Base; City Investing Company Liquidating Trust; Carteret Bancorp Inc.; George T. The First Amended Complaint alleges that GDC improved only a small portion of the 1,000 square mile tract of land that it owned in Florida and that it had no intention of developing the land further.

Prospective purchasers were invited to attend lavish "investment seminars" at which GDC represented that the value of the real estate continually appreciated, that there was a good resale market for the lots and houses, and that the real estate was an excellent investment. According to plaintiffs, GDC targeted unsophisticated purchasers, particularly those who spoke English only as a second language. Prospective purchasers were told, however, that the entire tract would be developed. CITY INVESTING COMPANY LIQUIDATING TRUST; Am Base Corporation; Carteret Bancorp, Inc.; Federal Deposit Insurance Corporation, as Successor to Resolution Trust Corporation, in its capacity as Receiver of Carteret Savings Bank, FA; The Home Insurance Company; George T. The City Defendants and Cravath arranged for City to sell 62% of GDC stock to the public and retain 38% in City Trust for later distribution. Their convictions were subsequently reversed on appeal. The Complaint alleges that the Inside Director Defendants along with the Director Defendants controlled the City Defendants and used them in furtherance of the fraudulent scheme. With the assistance of Cravath, City Investing sought to disassociate itself from GDC by transferring itself into a liquidating trust, City Trust. Brinkerhoff, are persons who served as "outside directors" of GDC for various periods dating from September 1985. Both Brown and Ehrling were convicted of criminal charges in connection with their involvement in the fraudulent scheme.

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Angiolillo, Simpson, Thacher & Bartlett, New York, NY, James M. Richman, Herrick, Feinstein, Princeton, NJ, for Appellee Citicorp Real Estate. Adler, Cole, Schotz, Meisel, Forman & Leonard, Hackensack, NJ, for Appellee The First National Bank of Boston. Houlihan, Houlihan & Partners, Miami, FL, for Appellee Chase Federal Bank. Young, Carlton, Fields, Ward, Emmanuel, Smith & Cutler, Orlando, FL, for Appellee Harbor Federal Savings and Loan Association. Eames, Bodian & Eames, New York, NY, for Appellee Lloyds Bank, PLC. Deutsch, Mc Elroy, Deutsch & Mulvaney, Morristown, NJ, for Appellee Regions Bank LA, as Successor to SECOR Bank, FSB. Hart, Stark, & Stark, Princeton, NJ, for Federal Deposit Insurance Corporation, in its capacity as Receiver of Southeast Bank, NA and Federal Deposit Insurance Corporation, as Successor to Resolution Trust, in its capacity as Receiver of Carteret Savings Bank, FA. Denton, Connell, Foley & Geiser, Roseland, NJ, for Appellee Federal Deposit Insurance Corporation, as Successor to Resolution Trust, in its capacity as Receiver of Carteret Savings Bank, FA. Marbury Rainer, Parker, Hudson, Rainer & Dobbs, Atlanta, GA, for Appellee La Salle Business Credit, as Successor to Stanchart Business Credit, Inc.