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Business Associations Keyed to Bainbridge
Securities and Exchange Commission v. Texas Gulf Sulphur Co.
Citation:394 U.S. 976 (1969)
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- 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.
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- 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. Review the Facts of this case here:
In the late 1950s, the mining firm Texas Gulf Sulphur began exploratory drilling in eastern Canada. Defendant TGS Vice President Richard D. Mollison, supervised the project. Defendant Richard H. Clayton, an electrical engineer, was alone on the site. On October 1963, TGS located a segment of land that looked promising. To preserve the opportunity for the company to buy the land, defendant TGS President Claude O. Stephens ordered company employees to keep drilling results secret. By March 1964, the company had bought enough of the land. From November 1963 to March 1964, several TGS employees and their tippees bought TGS stock and options on stock. While drilling activity was completed, TGS officials were taking steps toward ultimate disclosure of the discovery. Between the time the first press was issued and the dissemination of the TGS official announcement, the only defendants before the court who engaged in market activity were Clayton and Crawfrod and TGS director Coates.
- 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.