BELOIT HISTORY PAGE 

  Legal Activities re: Beloit Corporation & Harnischfeger Industries

C.A. No. [98-CV-524] : [filed Jun. 5, 1998] Jury Trial Demanded
Class Action Complaint for violation of Federal Securities Laws: GREAT NECK CAPITAL APPRECIATION : INVESTMENT PARTNERSHIP, L.P., on : behalf of itself and all others : similarly situated, :  Plaintiff, :
vs.                                                                                                                                         JEFFREY T. GRADE, JOHN N. HANSON, : FRANCIS M. CORBY, JR., MARK E.  READINGER and HARNISCHFEGER : INDUSTRIES, INC., : Defendants.  		Supreme Court of Wisconsin Case No.: 02-2035 Complete Title: Beloit Liquidating Trust, a Delaware Trust, Plaintiff-Appellant, v. Jeffrey T. Grade, Francis M. Corby, Jr., Mark E. Readinger, James A. Chokey, Robert A. Messier, Alton L. Daffin, and Thomas E. Engngelsman,Defendants-Respondents-Petitioners. Opinion Filed: April 6, 2004.
Wisconsin Court System Supreme Court case summaries: Wisconsin Supreme Court, Thursday, February 19, 2004; 1:30 p.m. 02-2035 

When loading this link, scroll to bottom of page to review the split decision of the Wisconsin Court of Appeals, District I, Beloit Liquidating Trust v. Jeffrey T. Grade, et al.

 Corporate Chaos: In its 2004 decision in Beloit Liquidating Trust v. Grade, the Wisconsin Supreme Court decision introduces uncertainty and chaos in business formation and litigation. Reference : The Wisconsin Lawyer, Volume 78, N0. 4. 
COURT OF APPEALS DECISION DATED AND FILED,  July 1, 2003

Appeal No.02-2035, Cir. Ct. No. 01 CV 5042, STATE OF WISCONSIN
IN COURT OF APPEALS, DISTRICT I

Beloit Liquidating Trust, a Delaware Trust, Plaintiff-Appellant,
vs.
Jeffrey T. Grade, Francis M. Corby, Jr.,Mark E. Readinger, James A. Chokey,
Robert A. Messier, Alton L. Daffin, and  Thomas E. Engelsman, Defendants-Respondents.

Grade asks $5.7 million from Harnischfeger

Jeffery Grade, the former chairman and chief executive officer of Harnischfeger Industries Inc., has requested that a Bankruptcy Court judge allow his $5.7 million claim against the St. Francis heavy machinery maker.
Beloit Corporation ; Harnischfeger Industries, Inc  Paul R. Forest; Appellant v Beloit Corporation; Harnischfeger Industries, Inc. (on appeal)   The appellant was injured at a Gloss Calender manufactured by Beloit Corporation, installed at a Jefferson Smurfit paper mill,. George Wong, Beloit's former chief engineer gave a deposition in he case. (PDF file, thumbnail #22) Outcome:.....the judgment of the District Court must be reversed and the case be remanded for a new trial. Beloit Daily News A judge in Delaware will rule next month if former Beloit Corporation workers will receive a settlement for severance packages they were promised. Former workers of Beloit Corporation testified on behalf of the state in October in the case against the company's parent company, Joy Global, formerly Harnischfeger Inc At the end, the judge said he'd take all the evidence under advisement and issue a ruling in January .
Action by Great Capital vs. Grade, Hanson, Corby, Readinger & Harnisfeger Legal maneuvering a year before Harnischfeger files Chapter 11 - Nature of Action - Harnischfeger stock through a series of false and misleading misrepresentations and omissions concerning the Company's financial statements regarding the Company's financial condition and results of operations. 2. In particular, defendants knowingly or recklessly disregarded the lack of internal controls concerning the true costs of long-term construction projects at the Company's Indonesian manufacturing plants and improperly recognized revenues and thus, profits on long-term construction contracts.  Cash strapped, dangerously close to breaching debt covenants, and motivated by a new stock appreciation incentive award plan, defendants overstated Harnischfeger's profits from long-term construction projects by at least $192 million by improperly accounting for such costs.  By the close of the Class Period, to aid their deception, defendants initiated a massive stock repurchase plan that further served to.......