GRAYSON-ROBINSON STORES, INC. v. SECURITIES AND EXCHANGE COM'N

No. 381, Docket 28191.

320 F.2d 940 (1963)

GRAYSON-ROBINSON STORES, INC., Debtor-Appellee, v. SECURITIES AND EXCHANGE COMMISSION, Appellant.

United States Court of Appeals Second Circuit.

Decided June 6, 1963.

Rehearing Denied August 20, 1963.


Attorney(s) appearing for the Case

Richard V. Bandler, Asst. Regional Administrator, Securities and Exchange Commission, New York City (Peter A. Dammann, General Counsel, David Ferber, Associate General Counsel, Securities and Exchange Commission, Washington, D. C., Martin Mushkin, Attorney, Securities and Exchange Commission, New York City), for Securities and Exchange Commission.

Isidor E. Schlesinger (Schlesinger & Teller, New York City), for Ladd & Connecticut General Life Ins. Co.

Lloyd K. Garrison (Paul, Weiss, Rifkind, Wharton & Garrison, New York City, Neale M. Albert, Sanford I. Hansell, New York City, of counsel; Eugene Frederick Roth, New York City, Special Counsel to Debtor-in-Possession), for Grayson-Robinson Stores, Inc.

Ballon, Stoll, Shyman & Levine, New York City, and Phillips, Nizer, Benjamin, Krim & Ballon, New York City, for Creditors Committee.

Before FRIENDLY, KAUFMAN and MARSHALL, Circuit Judges.


Rehearing in Banc Denied August 20, 1963.

FRIENDLY, Circuit Judge.

The issue is the propriety of an order of Judge Edelstein, in the District Court for the Southern District of New York, denying a motion by the Securities and Exchange Commission (hereafter the SEC), to dismiss the petition of Grayson-Robinson Stores, Inc. (hereafter "Grayson" or "the debtor"), a large retail chain, for an arrangement under Chapter XI of the Bankruptcy Act unless the petition...

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