Opinion ID: 1799426
Heading Depth: 2
Heading Rank: 1

Heading: Brainin's Acquisition of Shares Sold to Gulf.

Text: Before the entry of Gulf into the picture, defendant Brainin had become very much interested in Fenestra stock, despite Fenestra's recent history of losses. In 1962, Brainin began to purchase Fenestra stock individually and with associates. Most of the shares which were eventually sold to Gulf were registered in Brainin's name, with the power to vote the shares in corporate proceedings. The largest block of shares purchased by the Brainin joint venture was bought from the Wyman brothers, Frank and Thomas, both of whom were, at the time, Fenestra directors. The amount purchased from the Wymans was 120,000 shares. Another large group of shares, 40,000, was purchased from another Fenestra director, A.L. Doering. Thereafter, the Wyman Brothers and Doering and an associate, C.G. Beavers, resigned from the Fenestra board with defendants Brainin, Taub, Projansky, and Kaiserman taking their places on the board in a manner set forth below.