David J. Ulloa, Richard F. Ulloa and Johnny Guevara Sablan v. Guam Economic Development Authority, a Public Corporation, and Lee M. Holmes, Robert E. Halsey, Joan M. Halsey and Richard G. Cruz v. Guam Economic Development Authority, a Public Corporation, and Lee M. Holmes

580 F.2d 952 David J. ULLOA, Richard F. Ulloa and Johnny Guevara Sablan, Plaintiffs-Appellants, v. GUAM ECONOMIC DEVELOPMENT AUTHORITY, a Public Corporation, and Lee M. Holmes, Defendants-Appellees. Robert E. HALSEY, Joan M. Halsey and Richard G. Cruz, Plaintiffs-Appellants, v. GUAM ECONOMIC DEVELOPMENT AUTHORITY, a Public Corporation, and Lee M. Holmes, Defendants-Appellees. Nos. 77-2509, 77-3538. United States Court of Appeals, Ninth Circuit. Aug. 16, 1978. 1 Robert D. Wyatt (argued), John A. Bohn (argued), Agana, Guam, for plaintiffs-appellants. 2 George T. Okamura of Damon, Shigekane, Key & Char, Honolulu, Hawaii, for David J. Ulloa et al. 3 J. Bradley Klemm (argued), of Klemm, Dear & Lawrence, Agana, Guam, and Vernon F. L. Char (argued), Damon, Shigekane, Key & Char, Honolulu, Hawaii, for Robert E. Halsey et al. 4 Appeal from the United States District Court for the Territory of Guam. 5 Before CHAMBERS and WALLACE, Circuit Judges, and WONG, * District Judge. WONG, District Judge: 6 Appellants in consolidated Case Nos. 77-2509 and 77-3538 are six of the 16 former shareholders of Marianas Communications Systems, Inc. ("MCS"), a Guam corporation founded in 1968 for…