SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
HARWYN INDUSTRIES CORPORATION et al., Defendants.
United States District Court, S. D. New York.https://leagle.com/images/logo.png
March 29, 1971.
March 29, 1971.
Attorney(s) appearing for the Case
Kevin Thomas Duffy, Regional Administrator, S.E.C., New York City, for plaintiff; William D. Moran, Donald N. Malawsky, Marvin G. Pickholz, and Ira Lee Sorkin, New York City, of counsel.
Segal & Hundley, New York City, for defendants Harwyn Industries Corp. and Harvey R. Siegel; Marvin B. Segal and Robert L. Beerman, New York City, of counsel.
Gartenberg, Ellenoff, Lehrer & Stein, New York City, for defendant Irving L. Gartenberg.
Feldshuh & Frank, New York City, for defendant Academic Development Corp.; Sidney Feldshuh, Richard Weinberger, Donald P. Miller, New York City, of counsel.
Weinstein & Levinson, New York City, for defendant Hyman Temkin; Samuel Weinstein, New York City, of counsel.
Steven B. Duke, New Haven, Conn., for defendants James W. Feeney, Xanadu Properties, Inc., Ramon N. D'Onofrio.
Royall, Koegel & Wells, New York City, for defendants JKM Industries, Inc. and J. Kevin Murphy; Norman S. Ostrow and James J. Maloney, New York City, of counsel.
Bittel, Langer, Blass & Corrigan, Miami, Fla., for defendant Motel Trailer Distributors, Inc.;. Gerald J. Beyer, Miami, Fla., of counsel.
Kronish, Lieb, Shainswit, Weiner & Hellman, New York City, for defendant Stephen Kirshner; Reginald Leo Duff, New York City, of counsel.
Penn & Burns, New York City, for defendant Wayne Slockbower; Richard E. Burns, New York City, of counsel.
Stradley, Ronon, Stevens & Yound, Philadelphia, Pa., for defendants FSI, Inc. and Harold C. Yates; Webster, Sheffield, Fleischmann, Hitchcock & Brookfield, New York City, of counsel.
United States District Court, S. D. New York.
MANSFIELD, District Judge.
In this action the Securities and Exchange Commission ("the Commission") seeks to plug up what some have treated as a loophole in the federal securities laws permitting a company, by "spinning-off" its subsidiary's shares to the parent's stockholders without registration, to convert the subsidiary into a public corporation whose unregistered shares would be actively traded on the market. The suit is brought under § 22(a) of the 1933...
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