For Your Data Securities In Addition To Central Committee V. Chenery Corp Illustration Brief
October 08, 2016
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Securities in addition to Exchange Commission v. Chenery Corp example brief
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318 U.S. 80, 63 S. Ct. 454, 87 L. Ed. 626 (1943)
CASE SYNOPSIS: Certiorari was granted to the U.S. of America Court of Appeals for the District of Columbia, to review a judgment that fix aside petitioner Securities in addition to Exchange Commission's gild blessing respondents' corporate reorganization conception nether the Public Utility Holding Company Act of 1935, fifteen U.S.C.S. § 79.
FACTS: Respondents, equally officers, directors, in addition to stockholders of a company, registered the society equally a belongings society nether the Public Utility Holding Company Act of 1935, fifteen U.S.C.S. § 79, in addition to filed reorganization plans. While the plans were pending, respondents purchased additional preferred stock inward the company. Petitioner Securities in addition to Exchange Commission refused to process respondents' preferred stock on equal basis amongst the other preferred stock, because respondents had a duty of fair dealing. Petitioner approved an amended reorganization plan. The appellate courtroom fix aside the order. The U.S. of America Supreme Court remanded the activeness for farther proceedings. Petitioner's gild could non live on upheld, because it was non supported past times judicial principles. Neither Congress nor the courts proscribed respondents' buy of preferred stock. The Court could non uphold the activeness nether petitioner's ability nether the Act, because petitioner did non rely upon those powers when it made its conclusion that respondents' stock could non live on treated on equal basis amongst the other preferred stock.
CONCLUSION: The judgment that fix aside petitioner's order, which approved respondents' reorganization plan, was remanded, because the gild was based upon judicial principles that did non back upwards petitioner's determination.
FACTS: Respondents, equally officers, directors, in addition to stockholders of a company, registered the society equally a belongings society nether the Public Utility Holding Company Act of 1935, fifteen U.S.C.S. § 79, in addition to filed reorganization plans. While the plans were pending, respondents purchased additional preferred stock inward the company. Petitioner Securities in addition to Exchange Commission refused to process respondents' preferred stock on equal basis amongst the other preferred stock, because respondents had a duty of fair dealing. Petitioner approved an amended reorganization plan. The appellate courtroom fix aside the order. The U.S. of America Supreme Court remanded the activeness for farther proceedings. Petitioner's gild could non live on upheld, because it was non supported past times judicial principles. Neither Congress nor the courts proscribed respondents' buy of preferred stock. The Court could non uphold the activeness nether petitioner's ability nether the Act, because petitioner did non rely upon those powers when it made its conclusion that respondents' stock could non live on treated on equal basis amongst the other preferred stock.
CONCLUSION: The judgment that fix aside petitioner's order, which approved respondents' reorganization plan, was remanded, because the gild was based upon judicial principles that did non back upwards petitioner's determination.
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