United States Tenth Circuit

In an action by minority shareholders of a corporation against its directors and lawyers, alleging that defendants violated the civil Racketeer Influenced and Corrupt Organizations Act (RICO), when they arranged to transfer the company's assets to an Australian corporation, dismissal of the complaint is affirmed where: 1) plaintiffs lacked standing under RICO to assert shareholder derivative claims; 2) allegations of securities fraud did not establish predicate acts under RICO; and 3) the "continuity" requirement of RICO was not satisfied by the allegations in the complaint.

Appellate Information

• Decided 02/22/2010
• Published 02/22/2010

Judges

• TYMKOVICH, Circuit Judge., Before TYMKOVICH, ANDERSON, and BALDOCK, Circuit Judges.

Court

• United States Tenth Circuit

Counsel

• For Appellant:
  
• Submitted on the briefs: René Ostrochovsky, Albuquerque, NM, for Plaintiffs-Appellants.


• For Appellees:
  
• Luis G. Stelzner, Juan L. Flores, Sheehan, Sheehan & Stelzner, P.A., Albuquerque, NM, Marc D. Flink, Baker & Hostetler, LLP, Denver, CO, for Defendant-Appellee Uranium King Ltd., Michael W. Brennan, Brennan & Sullivan, Santa Fe, NM, for Defendant-Appellee Jim Malone., Andrew G. Schultz, Bruce Hall, Rodey, Dickason, Sloan, Akin & Robb, P.A., Albuquerque, NM, for Defendants-Appellees Michael Duncan and Sam Sapper., John B. Pound, Long, Pound & Komer, P.A., Santa Fe, NM, for Defendants-Appellees Paul Fish, Esquire and Fred Gibson, III, Esquire., Jerry Wertheim, John Wentworth, Jerry V. Wertheim, Jones, Snead, Wertheim & Wentworth, P.A., Santa Fe, NM, for Defendant-Appellee Michael Comeau, Esquire., Christopher M. Moody, Repps D. Stanford, Moody & Warner, P.C., Albuquerque, NM, for Defendant-Appellee J. Douglas Foster.