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SECURITIES AND EXCHANGE COMMISSION v. CULPEPPER

No. 171, Docket 25242.

270 F.2d 241 (1959)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. Garland L. CULPEPPER, Jr., Albert J. Grayson, George Phillip Barton, Rockwell Securities Corporation, A. J. Grayson & Co., Incorporated, and Brown, Barton & Engel, Defendants-Appellants.

United States Court of Appeals Second Circuit.

Decided September 10, 1959.

Attorney(s) appearing for the Case

John H. Kelley, New York City (Lee Feltman, New York City, of counsel), for Garland L. Culpepper, Jr. and Rockwell Securities Corporation.

Max M. Greenfield, New York City (Lichtig, Copland & Greenfield, New York City, on the brief), for Albert J. Grayson and A. J. Grayson & Co., Inc.

Milton E. Mermelstein, New York City (Gordon, Brady, Caffrey & Keller, and Stephen Bermas, New York City, on the brief), for George Phillip Barton and Brown, Barton & Engel.

Ellwood L. Englander, Special Counsel, Securities and Exchange Commission, Washington, D. C. (Thomas G. Meeker, General Counsel, and Alger B. Chapman, Jr., Atty., Securities and Exchange Commission, Washington, D. C., on the brief), for S. E. C.

Before HINCKS, LUMBARD and WATERMAN, Circuit Judges.

HINCKS, Circuit Judge.

On June 21, 1956, Micro-Moisture Controls, Inc. (Micro-Moisture), a Delaware corporation, issued 2,396,485 shares of unregistered stock in exchange for the assets of Converters Acceptance Corporation, Ltd. (Converters), a Canadian corporation, which in turn distributed these shares to its thirty-one stockholders. Twenty-six of them immediately granted John Herschorn, one of their number, irrevocable powers of attorney

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