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Administrative Law Keyed to Breyer
Securities and Exchange Commission v. Chenery Corporation (Chenery II)
Citation:
332 U.S. 194 (1947)Facts
Federal Water Service Corporation, a holding company registered under the Public Utility Holding Company Act of 1935, was undergoing reorganization. During this period, the company’s officers, directors, and controlling stockholders purchased substantial amounts of Federal’s preferred stock on the open market. Under the fourth reorganization plan, this preferred stock would be converted into common stock of a new corporation, giving management more than 10% ownership. The management admitted their purpose was to protect their interests in the new company. The SEC refused to approve the plan unless the management’s preferred stock was surrendered at cost plus interest rather than converted like other preferred stock. The management made these purchases without fraud or concealment, and their personal integrity was not questioned. The SEC based its decision on the potential conflicts of interest created by management’s stock purchases during reorganization and the special powers and information available to management during this process.
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