TABLE 24.-Cases in which the Commission participated as intervenor or as amicus curiae, pending during the fiscal year ended June 30, 1961.

Blau, Isadore, et al. v. Robert (2d Circuit..
Lehman et al.

Brown, Ethel, et al. v. Hugh (Southern District of Dec. 1960
Bullock et al.

Chabot, Allen v. Empire 2d Circuit.
Trust Co., Inc.

Dann, Sol A., et al. v. Stude-
baker-Packard Corp.

Action under sec. 20(c) and 10(b) of the 1934 act and rule 10b-5 thereunder alleging that the plaintiff was
fraudulently induced by Albert to transfer its stock or other assets in connection with transactions
whereby Bellanca acquired assets of other companies and that Albert hindered the filing of reports
required by the act. The defendant-directors of Bellanca aided and abetted the fraud on the corpo-
ration by authorizing, acquiescing in, or ratifying Albert's actions in connection with these transactions.
Commission's memorandum Mar. 6, 1961, as amicus curiae in opposition to motions to dismiss the
complaint, served. Pending.
An action based upon sec. 16(b) of the 1934 act in which recovery is sought of "short swing" profits realized
by a partnership from trading in securities of a corporation of which a partner was a director. Decision
Dec. 20, 1960, affirming the judgment of the district court. Petition by appellant for rehearing and
motion Jan. 4, 1961, by the Commission for leave to participate amicus curiae denied by Court of Appeals
for the Second Circuit on Feb. 21, 1961. Petition for writ of certiorari to the Supreme Court filed. Com-
mission's brief April 1961, amicus curiae, in support of petition for certiorari, filed. Supreme Court
Apr. 24, 1961, granted petition for certiorari. Brief of SEC amicus curiae in support of appellant filed
August 1961. Pending.

Action under the Investment Company Act of 1940 in connection with petition for rehearing since there
is a question of law as to whether a private right of action lies under this act. Order Feb. 8, 1961, denying
petition for rehearing of opinion Jan. 13, 1961, reversing district court order and denying Commission
participation. Petition by Managed Funds, Inc., for writ of certiorari to the Supreme Court, filed.
Commission's brief June 9, 1961, amicus curiae in support of petition for certiorari. Certiorari granted
June 19, 1961. Pending on the merits.
Action under secs. 20(a), 36, and 37 of the Investment Company Act of 1940. Commission's memoran-
dum Dec. 12, 1960, as amicus curiae, served. Brief and reply briefs filed. Commission's supplemental
memorandum Mar. 1, 1961, amicus curiae, served. Opinion Mar. 9, 1961, denying motion to dismiss.
Defendants' application for leave to appeal granted May 3, 1961, by Court of Appeals for the Second
Circuit. Briefs filed in Court of Appeals for the Second Circuit. Commission's brief May 16, 1961,
amicus curiae filed. Argument held May 22, 1961; decision pending in Court of Appeals for the Second
Circuit. Pending.

May 3, 1961 Action against directors for violations of the Investment Company Act of 1940. The preliminary issue
raised in this appeal is whether the provision of the trust agreement requiring security for costs may be
enforced in the face of sec. 17 (h) of the act. Pending.
Dec. 14, 1959 Private action based, in part, upon alleged violations of sec. 14 of the 1934 act and the Commission's proxy
rules. Commission's brief amicus curiae served Jan. 15, 1960. Oral argument heard Feb. 19, 1960.
Opinion Feb. 6, 1961, reversing the judgment of the district court and remanding case for further pro-
ceeding. Petition by Studebaker-Packard Corp. for rehearing denied Mar. 24, 1961. Closed.
This is an action concerning the annual meeting of United Industrial Corp. and the election by proxy.
Order Apr. 13, 1961, enjoining United Industrial Corp. from changing date or postponing annual meet-
ing. Suggestion of the Commission Apr. 19, 1961, for an order postponing or directing adjournment of
annual meeting so that the Commission may protect the rights of stockholders to full and fair disclosure
in the corporate election by proxy. Order Apr. 26, 1961, denying plaintiff's motion for a preliminary
injunction and dissolving the restraining order entered Apr. 13, 1961. Closed.

Ferguson, Murray v. Fred
Tabah et al.

2d Circuit.

Honigman, Edith v. Green District of Minnesota. Feb. 20, 1961
Giant Co. et al.

Hooper, Perry O. v. Mountain States Securities Corp. et al.

Hotel St. George Corp., In re.

Matheson, Jack D. v. George (9th Circuit..
Armbrust.

Moses, W. S., et al. v. Fred 5th Circuit.
Michael et al.

Sawyer, Harriet B. v. Pioneer 9th Circuit. Mill Co., Ltd., et al.

TABLE 25.-Reorganization cases under ch. X of the Bankruptcy Act pending during the fiscal year ended June 30, 1961, in which the Commission participated when district court orders were challenged in appellate courts

Name of case and U.S. Court of
Appeals

Automatic Washer Co., debtor; Harvey Gill, J. L. Wellinger, C. M. Cuny, R. Sowinski, H. J. Luke, C. E. Davis, Leonard Ashback, and Harold Shensky, appellants (8th Circuit).

General Stores Corp., debtor;
Lewis J. Ruskin, appellant (2d
Circuit).

Jacobs Co., F. L., debtor; Milton
S. Gould, Lazarus Joseph, appel-
lants (6th Circuit).

Parker Petroleum Co., Inc., debtor; Occidental Petroleum Corp., appellant (10th Circuit).

Parker Petroleum Co., Inc., debtor; Webster Drilling Co., appellant (10th Circuit).

Swan-Finch Oil Corp., debtor;
Barton Grubbs II, appellant (2d
Circuit).

TMT Trailer Ferry, Inc., debtor; Protective Committee for Independent Stockholders, Arthur H. Shaffer, M. James Spitzer, appellants (5th Circuit).

Nature and status of case

Appeals from order of Sept. 2, 1960, approving a compromise of the claims of debtor and authorizing the settlement of certain clains of the debtor against Joseph Abrams and Richland Securities, Inc. Commission's brief Feb. 1, 1961, supporting the position of appellants by requesting that district court order be reversed although Commission is an appellee in this action. Opinion and judgment Apr. 10, 1961, entered setting aside district court order and remanding case for further proceeding. Closed.

Appeal from order of Mar. 6, 1961, awarding supplemental allow. ances. Pending.

Appeal from order of Apr. 15, 1959, denying the receivers' motion to vacate the order approving the petition for reorganization or to dismiss the petition and transfer the ch. X proceedings to the Southern District of New York. Order June 23, 1959, extending time to docket record on appeal. Appeal withdrawn. Closed. Appeal from order of July 20, 1960, requiring appellant to invest a certain amount of money in new common stock of the debtor as per plan of reorganization. Commission's memorandum Nov. 15, 1960, stating that the order of the district court should be reversed and proceedings remanded to the district court, and if this court conclude that any limitation of the trustee's damages to the $25.000 set forth in the liquidated damages provision is contrary to law the remand should contain instruction that appellant should be required to pay all damages caused by its failure to undertake its obligation under the agreement. Briefs and reply briefs filed. Opinion and judgment entered Feb. 7, 1960, reversing order of the district court and remanding cause for further proceeding. Ap pellees' petition for rehearing and clarification denied Apr. 11, 1961. Closed.

Appeal from order of Mar. 15, 1960, and modified Mar. 28, 1960, denying certain portions of appellant's claim against debtor. Com mission's memorandum Nov. 15, 1960, in support of trustee's mo tion to dismiss appeal, served. Appellant's reply brief and response to motion to dismiss, served. Court of Appeals for the Tenth Circuit Jan. 4, 1961, reversed that part of district court order insofar as it denied the claim for attorney's fees, and cause is remanded. Closed.

Appeal from order of Nov. 13, 1959, denying motion to dismiss proceedings and vacate order approving ch. X petition of subsidiary Keta Gas & Oil Co. Order Apr. 22, 1960, to show cause to discuss appeal or fix date for argument. Answer May 9, 1960, by appellant to rule to show cause. Appellant's brief and appendix filed. Comission's brief in support of the district court order, filed June 6, 1960. Brief and appendix of Wm. D. Pettit et al., filed. Brief of debtor submitted in support of position of appellees, filed. Rele vant sections of the Bankruptcy Act submitted by the Comms sion, filed June 14, 1960. Appellant's reply brief, filed about Jime 21, 1960. Opinion by Court of Appeals for the Second Circuit affirming order of the district court, Aug. 29, 1960. Closed. Appeal from order of Mar. 6, 1959, confirming trustee's plan of reot ganization and various other orders dated Aug. 12, 1960, Aug. 15. 1960, Sept. 30, 1960, Dec. 22, 1960, Feb. 6, 1961, and Apr. 27, 1961 Court of Appeals for the Fifth Circuit on Sept. 9, 1960, denied tion of trustee to dismiss appeal. Order Oct. 4, 1960, consolidating appeals. Commission's telegram to the court Jan. 25, 1961, in opposition to appellants' motion to file petition for writ of prohibiting and/or mandamus. Court of Appeals for the Fifth Circuit Jan. 1961, denied motion for leave to file petition. Commission's brief as appellee May 15, 1961, stating that the order of the district court entered Aug. 15, 1960, vacating the order of confirmation of Mar. 6, 1959, should be affirmed or the order of confirmation of the dis trict court entered Mar. 6, 1959, should be reversed, filed. Briefs and reply briefs filed. Pending.

TABLE 26.—A 28-year summary of criminal cases developed by the Commission— fiscal years 1934-61

The number of defendants in a case is sometimes increased by the Department of Justice over the number against whom prosecution was recommended by the Commission. Also more than 1 indictment may result from a single reference.

See table 13 for breakdown of pending cases.

14 of these references as to 117 proposed defendants were still being processed by the Department of Justice as of the close of the fiscal year, and also 14 of the prior years references as to 132 proposed defendants. 621 of these cases have been completed as to 1 or more defendants. Convictions have been obtained in 536, or 86 percent of such cases. Only 85, or 14 percent, of such cases have resulted in acquittals or dismissals as to all defendants, this includes numerous cases in which indictments were dismissed without trial because of the death of defendants or for other administrative reasons. See note 5, infra.

* Includes 69 defendants who died after indictment.