For Your Data Chenery Corp. V. Securities In Addition To Central Committee Representative Brief
October 07, 2016
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Chenery Corp. v. Securities as well as Exchange Commission example brief
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154 F.2d 6, eighty U.S. App. D.C. 365 (D.C. Cir. 1946)
CASE SYNOPSIS: Petitioners, the buyers as well as seller of securities, appealed an gild past times respondent Securities Exchange Commission nether the Public Utility Holding Company Act, xv U.S.C.S. § 79 et seq., which reaffirmed an before gild directing the sellers' shareholders to give upwards shares of preferred stock purchased land a conception for corporate reorganization was nether consideration past times the Commission to the seller at toll summation interest.
FACTS: The seller submitted a conception for reorganization to the Commission nether §§ 7, xi of the Public Utilities Holding Company Act, xv U.S.C.S. §§ 79g, 79k. During the blessing process, the buyers purchased shares of preferred stock, which would hold upwards converted to voting stock nether the plan. The Commission rejected the conception because of the buyers' actions, though it declined to flora a full general dominion prohibiting such transactions. On appeal, the courtroom reversed. The Supreme Court granted certiorari as well as remanded the example to the Commission for farther proceedings consistent amongst its opinion. The Commission reaffirmed its previous determination as well as the petitioners sought review. On appeal, the courtroom reversed. The courtroom held that the Commission could non prohibit an otherwise legal line of piece of employment concern transaction inwards the absence of a legal prohibition, which the Commission had refused to issue. The courtroom held that because the buyers' actions were fair as well as did non terms other stockholders or the public, as well as that the Commission could non prohibit their transaction without issuing a full general rule prohibiting all such transactions.
CONCLUSION: In petitioners' activity for judicial review of the Commission's gild regarding the seller's corporate reorganization, the courtroom reversed the determination of the Commission.
FACTS: The seller submitted a conception for reorganization to the Commission nether §§ 7, xi of the Public Utilities Holding Company Act, xv U.S.C.S. §§ 79g, 79k. During the blessing process, the buyers purchased shares of preferred stock, which would hold upwards converted to voting stock nether the plan. The Commission rejected the conception because of the buyers' actions, though it declined to flora a full general dominion prohibiting such transactions. On appeal, the courtroom reversed. The Supreme Court granted certiorari as well as remanded the example to the Commission for farther proceedings consistent amongst its opinion. The Commission reaffirmed its previous determination as well as the petitioners sought review. On appeal, the courtroom reversed. The courtroom held that the Commission could non prohibit an otherwise legal line of piece of employment concern transaction inwards the absence of a legal prohibition, which the Commission had refused to issue. The courtroom held that because the buyers' actions were fair as well as did non terms other stockholders or the public, as well as that the Commission could non prohibit their transaction without issuing a full general rule prohibiting all such transactions.
CONCLUSION: In petitioners' activity for judicial review of the Commission's gild regarding the seller's corporate reorganization, the courtroom reversed the determination of the Commission.
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