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Texas International Airlines v. National Airlines, Inc.
United States Court of Appeals for the Fifth Circuit
714 F.2d 533 (1983)
Facts
Texas International (TI) (plaintiff) was a beneficial owner of more than 10 percent of the common stock of National Airlines, Inc. (National) (defendant) and was therefore an insider under the Securities Exchange Act of 1934. On a date in 1979, TI purchased 121,000 shares of National’s common stock. Less than six months later, TI sold 790,700 shares of National’s common stock, deemed to include the 121,000 shares purchased earlier. In the same timeframe, National’s stockholders approved National’s merger with another airline company. TI sued National, seeking a declaratory judgment that TI was not liable for short-swing profits under Section 16(b) of the act. National counterclaimed, seeking recovery of TI’s short-swing profits. The district court granted National’s motion for summary judgment, and TI appealed.
Rule of Law
Issue
Holding and Reasoning (Johnson, J.)
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