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Administrative Law Keyed to Lawson
Securities and Exchange Commission v. Chenery Corp
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- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
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- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The Respondents purchased a total of 12,407 shares of the Corporation’s stock while the reorganization plans were before the Commission. They admitted their purpose was to protect their interest in the company by increasing their holdings. In ascertaining whether the terms of issuance of new common stock were “fair and equitable,” the Commission would not approve the proposed plan if the newly acquired stock would be permitted to share on parity with other preferred stock. The Commission did not find fraud or lack of disclosure, but concluded that Respondents were fiduciaries, and under an obligation not to trade in the securities of the Corporation while reorganization was pending. The Commission determined that the preferred stock acquired by Respondents would not be converted into stock of the reorganized company, but could only be surrendered at cost plus 4%. The Commission approved the reorganization plan, as thus amended, over the Respondents’ objections, and the Respondents sought review.
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