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SECURITIES AND EXCHANGE COM'N v. STERLING PRECISION CORP.

No. 225, Docket 31729.

393 F.2d 214 (1968)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. STERLING PRECISION CORPORATION, Defendant-Appellee, and The Equity Corporation, Defendant.

United States Court of Appeals Second Circuit.

Decided March 26, 1968.

Rehearing Denied April 29, 1968.

Attorney(s) appearing for the Case

Walter P. North, Associate Gen. Counsel (Philip A. Loomis, Jr., Gen. Counsel, Meyer Eisenberg, Ass't Gen. Counsel, David J. Myerson and Edward L. Lublin, Washington, D. C., Attorneys), for plaintiff-appellant.

Milton V. Freeman, Washington, D. C. (Palmer & Serles, New York City; William A. Metz, James P. O'Neill, New York City, Arnold & Porter, Werner J. Kronstein, Washington, D. C., of counsel), for The Equity Corporation.

Simon H. Rifkind, New York City (Paul, Weiss, Rifkind, Wharton & Garrison, New York City, Paul J. Newlon and John E. LeMoult) New York City (Friedman, Koven, Salzman, Koenigsberg, Specks & Homer, Chicago, Ill., of counsel), for Sterling Precision Corporation.

Before FRIENDLY and SMITH, Circuit Judges, and GIGNOUX, District Judge.

FRIENDLY, Circuit Judge:

The primary issue on this appeal from an order of the District Court for the Southern District of New York granting summary judgment to defendant Sterling Precision Corporation in an injunction action by the SEC is whether Sterling's redemptions of its bonds and preferred stock were a "purchase" of such securities by Sterling from The Equity Corporation, a registered investment company owning more than 5% of Sterling's voting securities, within...

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