NEW YORK TRUST CO. v. SECURITIES AND EXCHANGE COM.

No. 6.

131 F.2d 274 (1942)

NEW YORK TRUST CO. et al. v. SECURITIES AND EXCHANGE COMMISSION et al.

Circuit Court of Appeals, Second Circuit.

November 12, 1942.


Attorney(s) appearing for the Case

Humes, Buck, Smith & Stowell, of New York City (Ben LeRoy Stowell, of New York City, of counsel), for petitioners.

Donald R. Richberg, of Chicago, Ill., Park Chamberlain, of New York City, and John Dern, of Chicago, Ill. (Davies, Richberg, Beebe, Busick & Richardson, of Washington, D. C., and Sidley, McPherson, Austin & Burgess, of Chicago, Ill., of counsel), for United Light & Power Co.

Chester T. Lane, Gen. Counsel, of Washington, D. C., John F. Davis, Asst. Gen. Counsel, of Washington, D. C., Homer Kripke, Sp. Counsel, of Philadelphia, Pa., Roger Foster, Counsel to Public Utilities Division, of Washington, D. C. (Theodore L. Thau, of Washington, D. C., and Aaron Levy, of New York City, of counsel), for Securities and Exchange Commission.

Before L. HAND, SWAN, and CHASE, Circuit Judges.


CHASE, Circuit Judge.

This petition to review an order of the Securities and Exchange Commission made under the Public Utility Holding Company Act of 1935, 15 U.S.C.A. §§ 79, 79a et seq. was brought by the trustee under two debenture agreements of the United Light and Power Company, and by certain holders of the debentures of that company. The order denied the right claimed by the debenture holders to be paid, upon the dissolution of the corporation under...

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