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Banking Law Keyed to Barr, 3rd Ed.
SEC v. Fifth Avenue Coach Lines, Inc.
Citation:
289 F. Supp. 3 (1968)Facts
Fifth Avenue Coach Lines and its subsidiary Surface Transit operated bus lines in New York City until March 1962, when the City of New York acquired these operations by condemnation. Fifth sought compensation in the condemnation proceeding, and in October 1966, received approximately $11.5 million as payment for tangible assets. Prior to receiving this award, Fifth had limited business operations and was primarily focused on resolving old tort claims. After receiving the award, Fifth deposited the cash in various banks and began purchasing securities, including stocks in Defiance Industries, Austin Nichols & Co., and various banks. Control of Fifth rested with a triumvirate consisting of Muscat, Krock, and Cohn through an interlocking complex of corporations. The defendants engaged in numerous transactions that the SEC alleged constituted self-dealing, including excessive loan premiums, unauthorized transfers of funds, and sales of securities between affiliated entities. Fifth’s accounting became chaotic, and its independent auditors refused to certify its financial statements for 1966 due to weaknesses in internal control over financial transactions.
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