940 F.2d 564 (10th Cir. 1991), 88-1253, Uselton v. Commercial Lovelace Motor Freight, Inc.

Docket Nº:88-1253, 88-1750.
Citation:940 F.2d 564
Party Name:13 Employee Benefits Ca 2473 William T. USELTON; W.D. Hupp; C.J. Dowling; Kenneth Miles; G.D. Jeffcoat; Jack Wilson; K.D. Witt; Paula Rosa; Johnny S. Hunt; James A. Mason; Robert E. Stuart; Jerry Don Casey; Maurice Uhrmacher; Loyd A. Duncan; Vernon Jordan; Hubert D. Williamson; J.W. Haris; D.L. Haralson; Harvey Leo Hess; Wood G. Ishmael; Harold W.
Case Date:July 12, 1991
Court:United States Courts of Appeals, Court of Appeals for the Tenth Circuit
 
FREE EXCERPT

Page 564

940 F.2d 564 (10th Cir. 1991)

13 Employee Benefits Ca 2473

William T. USELTON; W.D. Hupp; C.J. Dowling; Kenneth

Miles; G.D. Jeffcoat; Jack Wilson; K.D. Witt; Paula

Rosa; Johnny S. Hunt; James A. Mason; Robert E. Stuart;

Jerry Don Casey; Maurice Uhrmacher; Loyd A. Duncan;

Vernon Jordan; Hubert D. Williamson; J.W. Haris; D.L.

Haralson; Harvey Leo Hess; Wood G. Ishmael; Harold W.

Summers; Charles E. Stockton; Joe C. Gray; Earl G.

Jackson; E.L. Whilhock; Melvin Carpenter; Robert T.

Keener; Troy G. Carson; Jack L. Blankinship; Carl L.

Davidson; J.F. Maxwell; Paul M. Warren; Jay W. Harned;

E.H. Coulter; Earl E. White; Cleo C. McDaniel; Bobby F.

Stansbury; Bill J. Anderson; Daniel A. Denny; Carl Lee

Wilson; Leroy Barrett; James E. Lee; Donald L. Butler;

L.W. Gonzales; Daisy "Maurene" Davis; Keith W. Braul;

Jerry L. Edgemon; Gilbert L. Robles; Loyd E. Courtney;

Hollis M. Mauldin; Johnny L. Johnson; Carmel M. Doern;

Tom Thelkekd; T.L. Jones; Kenneth W. Hays; Jackie Jones;

William Donley; Howard L. Mitchell; Earl D. Denton;

Stanley R. Gomes; Jack P. Rowland; K.L. Billingsley; Earl

L. Woffard; D. Td. Frizell; H.W. Richardson; Donald

Kendrix; Betty Cox; James M. Woodward; Frank Donald R.

Winter; Jack Yarbrough; Finis M. Yocum; Tommy L.

Kirkland; John A. Moyshen; Harold Allison; Marion

McClelland; Leslie R. Walcher; Lloyd Fortune, Sr.; B.C.

Evans; Raymond B. Horn; Leeha McCormick; Pete Wolf; Leon

Hancock; William Anderson; Robert G. Porter; Eldon W.

Bishop; E.B. Copeland; D.K. Hanshue; E.G. Dedmon; Leslie

R. Walcher; Carl L. Holman; Kenneth W. Jackson; Joel

Robinson; Charles Pemberton; Bruce O. Smith; T.D. Jack;

James T. Johnson; Willie G. Loudermilk; Raymond Horn;

George C. Tsoodle; Gerold L. Goad; B.J. Burrell; D.Y.

Qualine; Frances M. McKye; Alonzo Anderson; Hoarce E.

Reeves; Betty Moore; Billy R. Jenkins; Jerry A. Warren;

C.J. Womack; Johnny Ballard; Kelley Ruminer; Deborah

Yandell; Robert Ferguson; Claudie C. Weaver; John O.

Stanley; William R. Bricker; Elen H. Spiva; Phillip

Horne; Earl V. Griffin; Anna M. Burkett; James E. Neal;

James McCampbell; Valorie Booker; J.W. Rackley; Ronnie J.

Steward; Clarence Burns; John L. Knapp; Ramon L. Wolfe;

W.A. Smith; Alan Prudhome; James E. Thompson; Henry S.

Baxter; Patsy R. Brock; Larry Joe Stafford; Daniel

Looney; Byron A. Bouchelle; Carl F. Davis; Jerry I.

Poindexter; Lee Roy Houston; Clinton H. Reynolds; Nib E.

Hill; David R. Hines; C.G. Olson; Cleophos Frost; Bobby

G. Decker; James Long; Lorita A. Goya; Wayne T. Wells;

Gerald A. Luton; Harold Shea; Johnnie T. Henson, Jr.;

Opal Lee Broussard; Homer Kimble; Jerry Nohnager; Judy A.

Rogers; Ilona Garrison; Edward A. King; Alyce L. King;

Evert L. Carroll; Ben H. Marshall; Shirley J. Lamb; John

William Edwards; Maurice Cannon; Leroy Phelps; J.D.

Burkhalter; Rickki L. Barnes; Bob J. Sharber; William D.

Sandell; William E. Shockley; Don Cutler; Nancy A.

Bomhoff; Vaughn Bryant; Warren Rex Chapin; Herman L.

Klaus; Willie L. Wixom; Billy O. Hawkins; Jack D.

Edwards; Rita Henry; Carl Holiday; Douglas Messel; Diane

J. Trigg; Tommy A. Howard; Norvell Lancaster; Bobby

Bowling; P.J. Warren; Robert C. Anderson; Doyle C. Adams;

Glenn D. Christians; Willard Terry; Bill Stewart; Jimmy

King; Richard Borne; Johnny Warmoth; Franklin A. Nieley;

Charles Norton; Glen Layton; Leo Thompson; D.L. Loman;

Marland Glover; Bobby Bennett; Jerry Chronister; Lawrence

White; Donald Fitz; Odis Ward; Donald T. Kendrix; Ruel

L. Monroe; Randall Johnston; Douglas Webb; Roger L.

Smith; Benny Shumway; Bobby Johnson; Theal Crews; Arnett

Richardson; Junior Lee Golden; Jim Bob Keith; Bob L.

Wilkerson; Jerry R. Kennedy; James L. Freeman; Marvin E.

Meek; Leroy Gray; Leroy Hill; Lealus Thomas; A.W.

Barnett; Donald L. Mayfield; Jimmie Masters; Jmwa E.

Poerwe; James E. Young; Rickey D. Allen; William W.

Partin; James E. Vap; Edith J. Vap; John Reynolds;

Arthur Golden; Joe C. Nixon; Willie Joseph; John H. Heil;

Donald H. Brechinsen; James Altizen; William T. Wimmer;

I.B. Boyd; E. Ferrell Bussing; Jimmie L. Williams; Roy J.

Sassano, Sr.; Eleanor C. Mowery; Eugene D. Rider; George

W. Baldwin; Garland R. Hooper; Earl Joslin; Karen Nydick;

Gerold Wagner; L.V. Foreman; Don Lepley; E.J. Fidler;

Claude W. Woeley; Fred M. Silver; Herbert L. Keith; Carl

E. Davis; Paul Goodman; Ronald C. Daudill; William P.

Dodd; Dennis S. Crews; Willis D. Keesee; Jerry D. Bass;

R.T. Skelton; Delbert D. Utsler; Don E. Bailey; Howard

Whittenberg; Marcia C. Long; A.C. Phillips; Jo Ann

Martin; Leon Combs; Jerry C. Forbes; J.R. Bishop; Billy

Reeves; Farrell J. Pickens; James Richard Howells;

Lawrence Shelton; Charles Huckabee; Jmwa Axheowswe;

Thomas Jaramillo; J. David Smith; W.T. Young; Carl H.

Davison; Sharon Key Harris; Lew F. Fresonke; Joe Knapp;

Lesley E. Chapman; R.D. Bivins; George W. Barton; Marion

A. Neal; Rebecca Crawford; Deatron I. Morgan; W.H.

Nevels; Jim Oliver; Clarence E. Smith; Robert Wilson;

Linda Lekawski; Michael Fundstein; Jerry L. Bender;

William D. Beery; Donald M. Larson; William J. Azlin;

Dwight W. Rogers; Judy A. Rogers; Walter R. Lewis;

Charles Huckaboy; Barbara Harwell; Rebecca Pearson; Molly

Hoffman; Patricia McCanlies; K.E. Sterrett; Thurman B.

Nelson; Nelda M. Carroll; Johnny Wallace; Guadalupe

Rodriguez; Raymond Davey; L.V. Davis; Bobby D. Price;

Gary L. Passon; Lanora Workman; John Davenport; Jimmie D.

Jennings; Leo Scruggs; Dallas Niblock; Leo Suggs;

Stanley W. Moore; John D. Horn; Anthony Spitzley; Manual

Sena; James F. Ayres; Daniel A. Sikorsky; Albert E. Oyos;

C.D. Ridgley; Earl Greene; Salvador C. Perez; Cesar B.

Sheen; Joe Manuel; Benjamin Saenz; Arturo C. Marquez;

Edward Lavelle; Robert Rognon; Bernardo Saenz; Protacio

S. Abrego; Steven Moylan; Carl M. Lavender; Ruben D.

Cota; Manuel F. Gamez; Narcizo Reaza; Frank M. Hernandez;

Ronald Murdock; Jesse Terrazas; Jimmie Rodriguez; Manuel

R. Barrera; Howard Wing; Robert R. Contreras; Joe C.

Nixon; Oscar J. Munoz; Theresa A. Wright; Dora Perkins;

W.H. Hohensee; W.R. Gunn; Bob Kwnnixurr; Kenneth D.

Williams; Javier Adame; Manuel M. Holquin; Harry Hill;

Rick Skinner; Harold Mitchell; Vince Wolpoff; Warren

Yoder; William Salinas; John D. Lent; Carl Christensen;

J.M. Ferez; Lisardo Jaramillo; Henry L. Hoskison; Bill

Bass; Bob Rognon; Fred Walling; Hector R. Mendoza;

Martin Bautista; Daniel A. Merkle; Roger A. Peterson;

Jack L. Bynum; Joel E. Henderson, Sr.; Marvin L. Wright;

C.R. Blades; Rolando L. Galindo; Esequiel Barcena; Floyd

L. Biddlecome, Sr.; Ramon A. Rodriguez; Ruben Williams;

Alva J. Chaney, Jr.; Ceasar Val Verde; Gilbert Hernandez;

Victor Juarez; John L. Washington; David L. Carney;

Thomas Jaranille; James D. Weston; Ronald R. Murdock;

Tony C. Gonzales; Richard A. Sanchez; Shirley F. Bennett;

Bobby Derring; Fulton Marks, Jr.; Adolfo Elias, Jr.; D.

Patrick Wright; Norman E. Cardwell; Robert M. Ferguson;

Don R. Wheeler; J. Brannon; Robert A. Wesley; Alvin D.

Fitzgerald; James E. Rowe; Alfred M. Martinez; Berry R.

Raymondo; Carroll C. Abel; Oscar G. Powell, Jr.; Alvin W.

Green; Huey A. Fredeiu; Ben Saenz; Harold R. Dagne;

Britt Ingrid Keith; Robert M. Turner,

Plaintiffs-Appellants-Cross-Appellees,

v.

COMMERCIAL LOVELACE MOTOR FREIGHT, INC., also known as C.L.

Motor Freight, doing business as Lee Way Motor Freight,

Inc.; M.T. Alcox; W.D. Persavich; C.C. McCracken; N.L.

Ingrum; H.J. Hill; G.W. McIntyre; Transportation

Equipment Services, Inc. and their directors; Edward L.

Mulcahy; Phillip White; H.F. Poston, Defendants-Appellees,

and

Pepsico, Inc., doing business as Lee Way Motor Freight,

Inc., a Delaware corporation, individually; S.E. Schroder;

James English; Lawrence F. Dickie; Judy Norman-Davis;

Richard Campbell, Defendants-Appellees-Cross-Appellants.

Nos. 88-1253, 88-1750.

United States Court of Appeals, Tenth Circuit

July 12, 1991

Page 565

[Copyrighted Material Omitted]

Page 566

[Copyrighted Material Omitted]

Page 567

[Copyrighted Material Omitted]

Page 568

[Copyrighted Material Omitted]

Page 569

Joseph C. Long, Norman, Okl. (E.W. Keller and Trent Keller, Keller, Fernald & Keller, Oklahoma City, Okl., with him on the brief), for plaintiffs-appellants.

Harold H. Reader, II, Cleveland, Ohio, and Michael L. Brody, Schiff, Hardin & Waite, Chicago, Ill. (John R. Couch, James E. Golden, Jr., with them on the brief), for defendants-appellees M.T. Alcox, W.D. Persavich, C.C. McCracken, N.L. Ingrum, H.J. Hill, and G.W. McIntyre.

Charles C. Green, Oklahoma City, Okl., Roger Pascal, Michael L. Brody, Robert D. Campbell, Schiff, Hardin & Waite, Chicago, Ill., for defendants-appellees and cross-appellants Pepsico, Inc., Lawrence Dickie, James English, Judy Norman-Davis, Richard Campbell, and Sharon Schroder.

Page 570

Before McKAY and SEYMOUR, Circuit Judges, and KANE, [*] District Judge.

KANE, Senior District Judge.

This appeal arises out of an action brought by more than four hundred former employees of Lee Way Motor Freight, Inc. against their former employer and others alleging violations of federal and Oklahoma securities law and common law fraud. After a segmented trial to the court on the issue of whether an interest in the instrument at issue, an employee stock ownership plan, constituted a security under federal law, the district court held that it did not and entered judgment for defendants on the federal securities claims. Finding no basis for federal...

To continue reading

FREE SIGN UP