DOWNING v. SECURITIES AND EXCHANGE COMMISSION

No. 11158.

203 F.2d 611 (1953)

DOWNING et al. v. SECURITIES AND EXCHANGE COMMISSION et al.

United States Court of Appeals District of Columbia Circuit.

Decided March 31, 1953.

Rehearing Denied April 22, 1953.


Attorney(s) appearing for the Case

Mr. Randolph Phillips, pro se, with whom Messrs. Seymour Krieger and Norman E. Jorgensen, Washington, D. C., were on the brief, for petitioners Randolph Phillips and 22,081 Stockholders of The United Corp. Messrs. Seymour Krieger and Norman E. Jorgensen, Washington, D. C., were on the brief for petitioner Edward R. Downing.

Mr. Roger S. Foster, General Counsel, Securities and Exchange Commission, Washington, D. C., with whom Mr. Aaron Levy, Attorney, Securities and Exchange Commission, Washington, D. C., was on the brief, for respondent. Mr. Louis Loss, Washington, D. C., also entered an appearance in behalf of the respondent.

Mr. Richard Joyce Smith, New York City, of the bar of the Court of Appeals of the State of New York, pro hac vice, by special leave of Court, with whom Mr. Harold F. Noneman, Washington, D. C., was on the brief, for The United Corp., intervenor. Mr. James K. Polk, New York City also entered an appearance in behalf of The United Corp., intervenor.

Mr. John Mulford, Philadelphia, Pa., with whom Mr. M. Quinn Shaughnessy, Washington, D. C., was on the brief, for The General Protective Committee for Holders of Option Warrants of The United Corp., intervenor.

Before WILBUR K. MILLER, PRETTYMAN and BAZELON, Circuit Judges.


WILBUR K. MILLER, Circuit Judge.

The Securities and Exchange Commission, after hearings in a proceeding theretofore duly instituted, entered an order August 14, 1943, requiring United Corporation, registered under the Public Utility Holding Company Act of 1935,1 to reduce its capitalization to one class of stock, to cease to be a holding company, and to comply with the order with due diligence. The order was entered pursuant to §...

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