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FEDERAL LIQUIDATING CORP. v. SECURITIES AND EXCH. COM'N

Nos. 116, 135, Dockets 21745, 21746.

187 F.2d 804 (1951)

FEDERAL LIQUIDATING CORP. v. SECURITIES AND EXCHANGE COMMISSION. EDELSTEIN et al. v. SECURITIES AND EXCHANGE COMMISSION.

United States Court of Appeals, Second Circuit.

Decided March 16, 1951.

Attorney(s) appearing for the Case

Frueauff, Burns, Ruch & Farrell, New York City, for Federal Liquidating Corp.

Theodore Johnsen, New York City, for petitioner.

Frank Weinstein, New York City, for Edelson.

Samuel Levinson, New York City (Robert Bernstein, New York City, of counsel), for petitioners.

Roger S. Foster, General Counsel, Myron S. Isaacs, Chief Counsel, Division of Public Utilities, Ellwood L. Englander, and M. Morton Weinstein, attorneys, Securities and Exchange Commission, all of Washington, D. C., for respondent.

Before L. HAND, Chief Judge, and SWAN and AUGUSTUS N. HAND, Circuit Judges.

L. HAND, Chief Judge.

The Federal Liquidating Corporation has petitioned to review an order of the Securities and Exchange Commission, which allowed a premium of $10, with interest to the preferred shareholders of the Federal Light and Traction Company above the "par" of their stock. Edelstein and several other shareholders of the Cities Service Company — itself the former holder of more than a majority of the shares of the Federal Light and Traction Company...

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