Hawaii-Pacific Venture Capital Corp. v. H. B. Rothbard

564 F.2d 1343 HAWAII-PACIFIC VENTURE CAPITAL CORP., David M. Sapp and Philip Gillin, on behalf of themselves and all others similarly situated, Plaintiff-Appellees, v. H. B. ROTHBARD, Willard M. P. Wong, Raymond C. Ho, Gary D. Ross and Wong Investment Co., Inc., Defendants, and American Security Bank, Bank of Hawaii, et al., Garnishees, and H. T. Wong, James Morikawa and L. W. Carmody, Applicants for Intervention, Appellants. No. 76-1920. United States Court of Appeals, Ninth Circuit. Nov. 28, 1977. Edward R. Bendet (argued), Honolulu, Hawaii, for appellants. Jack C. Morse (argued), Honolulu, Hawaii, for appellees. Appeal from the United States District Court for the District of Hawaii. Before ELY, HUFSTEDLER and WRIGHT, Circuit Judges. HUFSTEDLER, Circuit Judge: 1 H. T. Wong, James Morikawa, and L. W. Carmody sought to intervene in a class action suit for securities fraud arising out of a 1969 transaction in which Air Hawaii, Inc. ("AH") (a predecessor of Hawaii-Pacific Venture Capital Corp.) exchanged its assets and liabilities for stocks of Union Investments, Inc. ("Union"). The district court denied their motion for intervention except for their participation in a hearing to…