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WILSHIRE OIL CO., ETC. v. BD. OF GOVERNORS, ETC.

No. 81-1560.

668 F.2d 732 (1981)

WILSHIRE OIL COMPANY OF TEXAS, Petitioner, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent.

United States Court of Appeals, Third Circuit.

Decided December 31, 1981.

Rehearing and Rehearing Denied February 1, 1982.

Attorney(s) appearing for the Case

John W. Dickey (argued), Jeffrey S. Parker, Sullivan & Cromwell, New York City, and Alan V. Lowenstein, Gregory B. Reilly, Lowenstein, Sandler, Brochin, Kohl, Fisher & Boylan, Roseland, N. J., for petitioner.

J. Virgil Mattingly, Jr. (argued), Associate Gen. Counsel, Bronwen Mason, Senior Counsel, Board of Governors of the Federal Reserve System, Washington, D. C., for respondent.

Before ADAMS, VAN DUSEN and SLOVITER, Circuit Judges.

Rehearing and Rehearing In Banc Denied February 1, 1982.

OPINION OF THE COURT

VAN DUSEN, Senior Circuit Judge.

This matter comes before us as a petition for review of a cease and desist order of the Board of Governors of the Federal Reserve System (the "Board"). The Board found petitioner, Wilshire Oil Company of Texas ("Wilshire"), to be in violation of the Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§ 1841-1850 (1976) (the...

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