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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND RICHARD N. MOSEMAN, et al. v. BLAKE VAN LEER, et al. : : : : :

Civil Action No. WMN-98-434

MEMORANDUM Before the Court are the following motions: Plaintiff Moseman's Motion for Summary Judgment (Paper No. 78); Defendants BKJB Partnership, Cheely, Butler, Thomas, and Breedlove's (collectively the "BKJB Defendants") Motions for Summary Judgment against Moseman (Paper No. 79) and Rousseau (Paper No. 80); Defendants Van Leer, Garnet Inc., Garnet Enterprises, Inc. ("Garnet-Ent."), Cross Road Trail, Inc. ("Cross Road"), Rollins Avenue, Inc. ("Rollins"), and King George Land Co. Inc.'s ("King George") Motion for Summary Judgment (Paper No. 81); and Defendants Garnet of Virginia, Inc. ("Garnet-VA"), and Garnet of Maryland, Inc.'s ("GarnetMD") Motion for Summary Judgment (Paper No. 82). are ripe for decision. The motions

Upon a review of the motions and the

applicable case law, the Court determines that no hearing is necessary (Local Rule 105.6) and that all Defendants' motions will be granted and Plaintiff's motion will be denied as moot. I. BACKGROUND Plaintiffs Moseman and Rousseau have brought the instant 1

suit against Defendants Van Leer, the BKJB Defendants, and the above named corporate entities. The case arises out of an

alleged fraudulent representation regarding the sale of stock. Plaintiffs maintain that Van Leer failed to inform them of the price which Sanifill, Inc. would pay Van Leer and the BKJB Defendants for their stock in the Garnet companies. Plaintiffs claim that Van Leer misled them and induced them to agree to a pre-sale redemption of their stock at a substantially lower price then they would have received had they known of the sale price. Plaintiffs allege that Van Leer

and the BKJB Defendants received a substantial economic profit from Plaintiffs' pre-sale redemption of their shares. Plaintiffs bring this action under the following theories of liability: securities fraud under 15 U.S.C.

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Maryland Law