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SECURITIES AND EXCH. COM'N v. GLASS MARINE INDUSTRIES, INC.

Civ. A. No. 2276.

208 F.Supp. 727 (1962)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. GLASS MARINE INDUSTRIES, INC., a Delaware corporation, Defendant.

United States District Court D. Delaware.

On Motion for a New Trial August 31, 1962.

Attorney(s) appearing for the Case

Thomas B. Hart, John J. Enright and John W. Vogel, Chicago, Ill., for Securities and Exchange Commission.

James H. Conaway, Jr. (Morford, Young & Conaway), Wilmington, Del., and Lawrence A. Coles, Jr. (Thompson, Raymond, Mayer, Jenner & Bloomstein), Chicago, Ill., for defendant.

Hayden Leason, intervenor, pro se.

Arthur J. Sullivan (Morris, James, Hitchens & Williams), Wilmington, Del., and Saul S. Nevins, New York City, for special intervenor, Lancer Industries, Inc.

On Plaintiff's Motion for a New Trial August 31, 1962.

LEAHY, Senior District Judge.

I. Preliminary Matters

1. Judicial determination of these charges must rest on determination of intentions of Glass Marine and Hayden Leason which, at best, can only be proved by inference, by acts more convincingly consistent with a fraudulent scheme than a nonfraudulent plan. The basic question in the present cause is whether a pre-existing intent not to...

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