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Securities Regulation Keyed to Coffee
Carter & Johnson
Facts
Carter and Johnson were partners at the law firm representing National Telephone Co. (National) and participated in the drafting of a the “lease maintenance plan” (LMP), a contingent financing plan, which, when triggered, would cause the dissolution of the company. National’s CEO, Hart, declined to release a Form 8-K revealing the LMP’s existence. Throughout the following year, Hart was urged by Carter and Johnsonto disclose the LMP’s terms but Hart refused. In time, the LMP was triggered and it was then that Hart, in blatant opposition to their advice, asked the attorneys to draft an opinion declaring the disclosure of the LMP was unnecessary. Johnson and Carter refused and Hart resigned soon after. An action was brought against Johnson and Carter alleging that they aided and abetted Hart's illegal nondisclosure by the SEC. An Administrative Law Judge concurred, and Carter and Johnson appealed.
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