Confirm favorite deletion?
Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. First City Financial Corp., Ltd
Facts
Belzburg, principal of First Financial Corp., spoke with Greenburg, CEO of a brokerage firm, on the phone, the outcome of which was an informal put-and-call arrangement for the broker to buy 20,500 shares of Ashland Oil. Belzburg denied that was the intent of the phone call. When combined with First City’s prior Ashland holdings, this new purchase pushed the shares to over 5%. As obligated by § 13(d) of the Securities Exchange Act, disclosures of interest must be filed within 10 days with the SEC, which First Financial failed to do. In the period of a week, 333,700 extra shares were bought, with disclosures not made until 12 days had passed. It was at this time that First City publicized a tender offer and Ashland stock started to increase. The offer was removed, and First City resold the recently obtained shares for a substantial profit. The SEC filed an action against First City arguing that they violated §13(d). The district court concurred and ordered unlawful gains be surrendered and to pay back the profit acquired. First City appealed.
Only StudyBuddy Pro offers the complete Case Brief Anatomy*
Access the most important case brief elements for optimal case understanding.
*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- 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.Case Doctrines, Acts, Statutes, Amendments and Treatises:
Identifies and Defines Legal Authority used in this case.
- 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.Rule of Law:
Identifies the Legal Principle the Court used in deciding the case.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.Issue(s):
Lists the Questions of Law that are raised by the Facts of the case.Holding:
Shares the Court's answer to the legal questions raised in the issue.Concurring / Dissenting Opinions:
Includes valuable concurring or dissenting opinions and their key points.Reasoning and Analysis:
Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
Policy:
Identifies the Policy if any that has been established by the case.Court Direction:
Shares where the Court went from here for this case.