NORTH AMERICAN UTILITY SECURITIES CORP. v. POSEN

No. 223, Docket 21283.

176 F.2d 194 (1949)

NORTH AMERICAN UTILITY SECURITIES CORPORATION v. POSEN et al. (SECURITIES AND EXCHANGE COMMISSION, Intervener).

United States Court of Appeals Second Circuit.

Decided June 23, 1949.


Attorney(s) appearing for the Case

Sullivan & Cromwell, New York City (Stoddard M. Stevens Jr. and Henry N. Ess, III, New York City, of counsel), for appellant.

Irving Steinman, New York City, for defendants-appellees.

Roger S. Foster, General Counsel, Myron S. Isaacs, Special Counsel, Howard S. Guttmann and Richard P. Donovan, Attorneys, Washington, D. C., for intervener-appellee.

Before L. HAND, Chief Judge, and SWAN and CLARK, Circuit Judges.


SWAN, Circuit Judge.

The plaintiff-appellant is an investment company organized under the laws of Maryland. It is a subsidiary of The North American Company which owns all of plaintiff's preferred stock and about 80% of its common stock, the other 20% being publicly held. By an order dated April 14, 1942, issued pursuant to section 11 (b) (1) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79k (b) (1), the Securities

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