Des Brisay v. The Goldfield Corporation

637 F.2d 680 Fed. Sec. L. Rep. P 97,844 Richard J. DES BRISAY, representatively and derivatively, on behalf of himself, Etc., et al., Plaintiffs-Appellants, v. The GOLDFIELD CORPORATION and Goldfield Lumber Enterprises, Ltd., Defendants-Appellees. and Harold Sigurdson, as Liquidator for C.P.H.C. Holding Company, Ltd., and C.P.H.C. Holding Company, Ltd., Defendants. No. 78-3221. United States Court of Appeals, Ninth Circuit. Argued and Submitted Nov. 4, 1980. Decided Jan. 23, 1981. 1 Michael S. Hayes, Jennings P. Felix, Seattle, Wash., for plaintiffs-appellants. 2 William A. Gould, Seattle, Wash., argued, M. Margaret McKeown, Seattle, Wash., on brief, for defendants-appellees. 3 Appeal from the United States District Court for the Western District of Washington. 4 Before SNEED and ANDERSON, Circuit Judges, and EAST, * District Judge. EAST, District Judge: 5 Des Brisay, on behalf of shareholders in an alleged federal securities fraud and pendent breach of contract action, appeals the District Court's dismissal of the action, with prejudice, as time barred. We note jurisdiction and affirm. FACTS 6 In 1969, Canadian Plywood Corporation, Ltd. (Plywood) was on the verge of bankruptcy.…