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NEW ENGLAND ELECTRIC SYSTEM v. SECURITIES & EXCHANGE COM'N

No. 6332.

346 F.2d 399 (1965)

NEW ENGLAND ELECTRIC SYSTEM et al., Petitioners, v. SECURITIES AND EXCHANGE COMMISSION, Respondent.

United States Court of Appeals First Circuit.

Decided June 4, 1965.

Attorney(s) appearing for the Case

John R. Quarles, Boston, Mass., with whom Richard B. Dunn, Richard W. Southgate, John J. Glessner, III, and Ropes & Gray, Boston, Mass., were on brief, for petitioners.

David Ferber, Sol., with whom Philip A. Loomis, Jr., Gen. Counsel, Ellwood L. Englander, Asst. Gen. Counsel, Martin D. Newman, Atty., and Solomon Freedman, Director, Div. of Corporate Regulations, S. E. C., Washington, D. C., were on brief, for respondent.

Before ALDRICH, Chief Judge, and SWEENEY and WYZANSKI, District Judges.

ALDRICH, Chief Judge.

This is a petition seeking to review and set aside a divestment order of the Securities and Exchange Commission pursuant to section 11(b) (1) of the Public Utility Holding Company Act of 1935, 15 U.S.C. § 79k(b) (1), requiring the petitioner, New England Electric System (NEES) to dispose of its gas utility properties by terminating its relationship with its eight subsidiary gas companies. The ultimate question in the case, which the Commission...

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