CITIES SERVICE COMPANY, Petitioner, and
Arkansas Fuel Oil Corporation, Intervening Petitioner,
v.
SECURITIES AND EXCHANGE COMMISSION, Respondent, and
The Pennroad Corporation, Louis E. Marron, James W. Hearn, et al., Intervening Respondents.
United States Court of Appeals Second Circuit.https://leagle.com/images/logo.png
Argued April 2, 1957.
Decided July 15, 1957.
Attorney(s) appearing for the Case
Cravath, Swaine & Moore, New York City (Bruce Bromley, Richard deY. Manning, and John D. Calhoun, of counsel), and Joseph L. Weiner, New York City, for Cities Service Co., petitioner.
Davis, Polk, Wardwell, Sunderland & Kiendl, New York City (S. Hazard Gillespie, Jr., New York City, H. C. Walker, Jr., Shreveport, La., and Parker Bailey and Robert B. Fiske, Jr., New York City, of counsel), for Arkansas Fuel Oil Corp., intervening petitioner.
Thomas G. Meeker, Gen. Counsel, Joseph B. Levin, Asst. Gen. Counsel, Solomon Freedman, Asst. Director, Division of Corporate Regulation, Stuart C. Law and Louis E. Clevenger, Washington, D. C., for Securities and Exchange Commission, respondent.
Percival E. Jackson, New York City, for the Pennroad Corp. and Louis E. Marron, intervening respondents.
Burns, Currie, Rich, Maloney & Rice, New York City, and Burns, Blake & Rich, Boston, Mass. (John J. Burns, Harold B. Dondis and Walter L. Landergan, Jr., Boston, Mass., of counsel), for James W. Hearn and others, intervening respondents.
Henry A. Bergstrom and Weller, Wicks & Wallace, Pittsburgh, Pa., for M. L. Benedum, amici curiae.
Before CLARK, Chief Judge, LUMBARD, Circuit Judge, and LEIBELL, District Judge.
United States Court of Appeals Second Circuit.
LUMBARD, Circuit Judge.
The basic issue in this case is whether Cities Service Company and its subsidiaries can be denied exemption from registration under the Public Utility Holding Company Act, 15 U.S.C.A. § 79, because of a publicly-held minority interest in one of Cities Service's subsidiaries, Arkansas Fuel Oil Corporation ("Fuel Oil"), even though Cities Service and all its subsidiaries have disposed of all their utility holdings. The denial was based,...
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