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Administrative Law Keyed to Seamon
Securities and Exchange Commission v. Chenery Corporation (Chenery II)
Citation:
332 U.S. 194 (1947)Facts
The Federal Water Service Corporation (later Federal Water and Gas Corp.) was undergoing reorganization under the Public Utility Holding Company Act of 1935. During this reorganization process, the company’s officers, directors, and controlling stockholders purchased a substantial amount of the company’s preferred stock on the open market. Under the reorganization plan, this preferred stock would be converted into common stock of the new corporation, giving management over 10% ownership. The management admitted their purpose in buying the stock was to protect their interests in the new company. The SEC refused to approve the plan unless the management surrendered their purchased stock at cost plus interest, rather than converting it like other preferred stockholders. The SEC initially based its decision on judicial precedents regarding fiduciary duties, but after the Supreme Court rejected this reasoning in Chenery I, the SEC reached the same conclusion based on its interpretation of the statutory standards in the Public Utility Holding Company Act.
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