No. 410.

324 U.S. 100 (1945)


Supreme Court of United States.

Decided February 5, 1945.

Attorney(s) appearing for the Case

Mr. Wm. W. Keifer, with whom Mr. George W. Tehan was on the brief, for petitioners.

Mr. Charles W. Stiefel, Jr., with whom Mr. I.E. Ferguson was on the brief, for respondent.

Solicitor General Fahy, Messrs. Roger S. Foster, Milton V. Freeman and Theodore L. Thau filed a brief on behalf of the Securities & Exchange Commission, as amicus curiae.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

The Western Tool & Manufacturing Co. is an Ohio corporation. It has outstanding some 1,100 shares of stock and also bonds which total in principal amount $73,000 with large arrearages of interest. Some twenty years ago, following a default in payment of interest on the bonds, more than 50 per cent of the shares of stock were placed in a voting trust, the voting trustees being designated by the bondholders...

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