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Administrative Law Keyed to Lawson
Securities and Exchange Commission v. Chenery Corp
Facts
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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