FRIEDMAN, Circuit Judge.
I
This is a petition to review a cease and desist order of the Federal Trade Commission (Commission) issued in a proceeding in which the Commission held that interlocking directorates between various of the petitioner companies violated section 8 of the Clayton Act, 15 U.S.C. § 19 (1982), and section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45 (1982). We reverse on the ground that no order was warranted.
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