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ALLIS-CHALMERS MFG. CO. v. GULF & W. INDUS., INC.

Nos. 74-1266, 74-1267.

527 F.2d 335 (1975)

ALLIS-CHALMERS MANUFACTURING COMPANY, a Delaware Corporation, Plaintiff-Appellant, v. GULF & WESTERN INDUSTRIES, INC., a Delaware Corporation, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 29, 1975.

Certiorari Denied January 19, 1976.

Certiorari Denied February 23, 1976.

Attorney(s) appearing for the Case

S. Hazard Gillespie and Sheila T. McMeen, Davis Polk & Wardwell, New York City, H. Blair White, Sidley & Austin, Chicago, Ill., William H. Levit, Jr., New York City, Hughes Hubbard & Reed, Los Angeles, Cal., and W. Stuart Parsons, Quarles & Brady, Milwaukee, Wis., for plaintiff-appellant.

John A. Guzzetta, Bernhardt K. Wruble, Conrad K. Harper and Lindsay A. Lovejoy, Jr., Simpson, Thacher & Bartlett, New York City; Wesley G. Hall and Larry D. Blust, Jenner & Block, Chicago, Ill., for defendant-appellee.

Before CLARK, Associate Justice (Retired), SWYGERT and PELL, Circuit Judges.

Certiorari Denied January 19, 1976. See 96 S.Ct. 865.

Certiorari Denied February 23, 1976. See 96 S.Ct. 1142.

SWYGERT, Circuit Judge.

This appeal presents several issues concerning the proper construction of section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b). The section, which seeks to prevent misuse of internal corporate information, requires certain statutorily defined corporate insiders to remit to their corporation any...

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