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Banking Law Keyed to Barr, 3rd Ed.
Pagel, Inc. v. SEC
Citation:
803 F.2d 942 (1986)Facts
Pagel, Inc. served as the principal underwriter for FilmTec Corporation’s first public offering in March 1979, underwriting 320,000 shares at $3.25 per share with an option for 32,000 additional shares. The firm allocated only 34,800 shares to other dealers, retaining the vast majority for itself. After the offering was completed on March 29, 1979, aftermarket trading began the next day with Pagel, Inc. setting opening prices 35-42% higher than the offering price. Despite customers selling more shares than they purchased (indicating lack of demand), the firm continued to raise prices, reaching more than 300% above the offering price within eight trading days. Throughout this period, Pagel, Inc. maintained a dominant position in the FilmTec market. In March 1980, the firm steadily lowered its prices for FilmTec stock by 50%, despite increased customer purchases. On March 21, 1980, Jack Pagel purchased the firm’s entire inventory of FilmTec shares, enabling Pagel, Inc. to realize a $180,000 tax loss at the close of its fiscal year while providing Pagel with stock having potential for long-term capital gains.
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