SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
S & P NATIONAL CORPORATION, Smith-Palmer Machine Corporation, Southwest International Corporation, David M. Milton and Ralph E. Still, Defendants.
United States District Court S. D. New York.https://leagle.com/images/logo.png
May 9, 1968.
May 9, 1968.
Attorney(s) appearing for the Case
Richard V. Bandler, and Marvin E. Jacob, New York City, for S. E. C.
Shea, Gallop, Climenko & Gould, New York City, for corporate defendants, Martin I. Shelton, New York City, of counsel.
George Zolotar, New York City, President of corporate defendants.
Orans, Elsen & Polstein, New York City, for principal creditors of S & P Nat. Corp., Sheldon H. Elsen and Lewis Shapiro, New York City, of counsel.
A. Logan Langwith, Gen. Counsel, New York City, Friedman, Koven, Salzman, Koenigsberg, Specks & Homer, Chicago, Ill., for Sterling Precision Corp., Stephen C. Shamberg, Chicago, Ill., of counsel.
United States District Court S. D. New York.
OPINION
THOMAS F. MURPHY, District Judge.
In Securities and Exchange Commission v. S & P National Corporation, et al., 273 F.Supp. 863 (S.D.N.Y.1967), the court approved a "Plan of Settlement and Reorganization" (the "settlement") whereby the issues in this case were resolved. The settlement effected an extensive subordination of insiders' debt and stock claims to the rights of the minority public stockholders of...
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