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TABLE 23.-Cases in which the Commission participated as intervenor or as amicus curiae, pending during the fiscal year ended June 30, 1963

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Petition for leave to intervene in proceedings for an arrangement under Chapter XI of the Bankruptcy
Act to show violations of Section 17(a) of the 1933 Act, filed. Referee in Bankruptcy entered order
dismissing intervention of Commission, and Commission has petitioned district court to review.
Pending.
Action under Sec. 20(c) and 10(b) of the 1931 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 corpora-
tion 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 motion to dismiss the
complaint served. Pending.

This is an action under Sec. 16(b) of the 1934 Act seeking recovery of "short swing" profits. Brief of
SEC amicus curiae filed in support of a reversal of judgment of the district court. Opinion rendered
reversing the decision of district court, Mar. 8, 1963. Petition for writ of certiorari filed May 13, 1963.
Pending.

The above action was brought by a stockholder of J. I. Case Co., alleging that the merger between said
company and American Tractor Corp. followed false and misleading proxy solicitation in violation of
Sec. 14(a) of 1934 Act, and that the market price of American Tractor stock at the time of the merger was
artificially high as a result of a series of manipulative practices in violation of Sec. 10(b). Brief of SEC
amicus curiae filed Jan. 4, 1963. Opinion rendered reversing order dismissing plaintiff's third amended
complaint and remanding case to lower court. Pending.

Private action seeking a judgment declaring a contract for the sale of certain stock to be void and un-
enforceable under Secs 5 and 14 of the 1933 Act and Sec. 16(c) of the 1934 Act. Motion by defendant for
summary judgment. Commission was requested to file memorandum amicus curiae on the Federal
securities law issues raised by the motion. Memorandum of Commission amicus curiae filed Dec. 6, 1962.
Opinion rendered Dec. 19, 1962, denying summary judgment. Closed.

Ths is an action in which the SEC appears as amicus curiae in support of the complaint filed by plaintiff
seeking to secure a precedent to investors in construing and enforcing Sec. 10(b). Motion by SEC for
leave to paticipate as amicus curiae filed June 25, 1963. Pending.
Shareholder class action under Sec. 10(b) of the 1934 Act and Sec. 12(2) and 17(a) of the 1933 Act in which
Plaintiff demands recovery. Commission moved to participate as amicus. Commission memorandum
Mar. 10, 1961, amicus curiae served. Memorandum decision entered finding no basis for complaint filed
by plaintiff. Ordered on Oct. 20, 1961, that judgment be entered for defendants. District Court de-
cision affirmed on appeal and petition for writ of certiorari denied Mar. 18, 1963. The Commission did
not participate in the court of appeals and supreme court actions because no issues under securities laws
were involved. Closed.

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An action based upon alleged violations of Sec. 16(b) of the 1934 Act in which recovery is sought of profits
realized by an "insider" through "short swing" transactions in securities. Memorandum of Commis-
sion amicus curiae served Dec. 8, 1962. Opinion rendered granting defendants' motion for summary
judgment. Appeal filed May 22, 1963. Pending.

Action in which Chancellor Seitz decided that the Keystone Funds' principal underwriting contract was
void under Sec. 47(b) of the Investment Company Act of 1940, because it had extended over a longer
period than is permitted under Sec. 15(b) of that Act. Motion filed by Commission for amicus curiae
participation on Mar. 30, 1952. Order Apr. 25, 1952, appointing Commission an amicus curiae. Pend-
ing.
Action under Sec. 10 of the 1934 Act as implemented by Rule 10b-5. Commission's brief Mar. 28, 1961,
amicus curiae served. Briefs and reply briefs filed. Commission's reply brief May 20, 1961, filed.
Order June 15, 1961, directing the case be heard en banc. Judgment entered on Mar. 14, 1962, affirming
order of district court. Petition for writ of certiorari filed, May 14, 1962, and denied Oct. 8, 1962.
Closed.
Action in which the Commission appears as amicus curiae to insure the right and duty of registered stock
exchanges to discipline their members for violations of the Securities Exchange Act of 1934. Memoran-
dum of the Commission amicus curiae filed Dec. 24, 1961. Opinion of CA-2 reversing judgment of
district court granting plaintiff's motion for summary judgment Apr. 4, 1962. Petition for writ
certiorari filed May 31, 1962, from the order of Apr. 4, 1962. Memorandum of the United States amicus
curiae in support of the petition for a writ of certiorari filed Nov. 1962. Writ of certiorari granted Oct.
8, 1962. Brief for the United States amicus curiae filed Jan. 14, 1963. Opinion of Supreme Court revers-
ing judgment of Court of Appeals and remanding cause May 20, 1963. Pending.

An action based upon alleged violations of Sec. 16(b) and (c) of the 1934 Act in which recovery is sought of
"short swing" profits. Memorandum of the Commission amicus curiae served Nov. 27, 1961. Opinion
and orders denying plaintiff's motion for summary judgment and granting defendant's motion for sum-
mary judgment Dec. 27, 1961. Notice of appeal filed from this order Jan. 9, 1962. Brief for Securities
and Exchange Commission amicus curiae filed Mar. 23, 1962. Decision rendered affirming the order
of the district court entered Dec. 27, 1961. Closed.

This is an action in which the Commission appears as amicus euriae to set forth its disagreement with certain
arguments respecting the interpretation of the Investment Company Act of 1940. Appeals filed Apr. 9,
1962, by plaintiffs-appellants from the order of the district court seeking reversal of the denial of money
damages, and by respondents from the order seeking reversal of injunctive order and award of attorney's
fees. Brief of the Commission amicus curiae filed May 15, 1962. Opinion rendered Jan. 25, 1963,
affirming judgment of district court. Closed.
This action is one brought by the plaintiffs derivately and representatively as stockholders of Investors
Mutual, Inc., a registered Investment Company, to enjoin the performance of the investment advisory
and underwriting distribution contracts heretofore entered into between the defendants, Investors
Diversified Services, Inc., and Investors Mutual, Inc. Motion of Commission for leave to participate
amicus curiae filed Apr. 20, 1962. Brief filed May 2, 1962. Decision by CA-2 affirming the order of the
district court. Petition for rehearing filed June 1, 1962, and denied June 7, 1962. Pending.

TABLE 24.-Proceedings under the Bankruptcy Act pending during the fiscal year ended June 30, 1963, in which the Commission participated when district court orders were challenged in appellate courts

Name of case and U.S. Court of

Appeals

American Trailer Rentals Co., debtor; In Re Securities and Exchange Commission, appellants (10th Circuit).

Colorado Trust Deed Funds, Inc., appellant v. James Thomas, III, Boyd Thomas and Securities and Exchange Commission, appellees (10th Circuit).

Crumpton Builders, Inc., debtor; In Re Securities and Exchange Commission appellants (5th Circuit).

Flora Sun Corp., debtor; (Francis J. Corr & Dorothy J. Corr) appellants (CA-5).

Florida Southern Corp., debtor; W. D. York, appellant (5th Circuit) USSC.

GFE Industries. Inc.. debtor; Lester M. Entin & Joseph Waters, dba Lester M. Entin Associates, appellants v. John C. Stevens, Trustee and Securities and Exchange Commission. Grayson-Robinson Stores, Inc., debtor; Securities and Exchange Commission, appellants (2d Cir. cuit).

Inland Gas Corporation, et al., debtors; Green Committee, et al., appellants (6th Circuit).

Los Angeles Trust Deed & Mortgage Exchange, debtor: Securities and Exchange Commission, appellants (9th Circuit). Muskegon Motor Specialties Co., debtor; International Union, United Automobile, Aircraft and Agricultural Implement Workers of America, AFL-CIO, and its local 1272, Voluntary Unincorporated Associations, appellants (6th Circuit). Scranton Corporation & Hal Roach

Studios, debtors; State of California, appellant (3d Circuit). Selected Investments Corp., debtor; B. H. Carey, appellant (10th Circuit).

TMT Trailer Ferry, Inc., debtor;

The Protective Committee for Independent stockholders of TMT Trailer Ferry, Inc., appellant v. C. Gordon Anderson as Trustee, appellee (CA-5).

Nature and status of case

Notice of appeal filed by SEC from the order entered May 20, 1963. denying the motion of SEC to dismiss the debtor's petition for relief under Chapter XI of the Bankruptcy Act on the ground that any proceeding for the rehabilitation of the debtor under the Bankruptcy Act should have been brought under Chapter X of that Act. Pending. Notice of appeal filed by Colorado Trust Deed Funds, Inc., from an order entered Nov. 6, 1961, dismissing its petition for reorganization under Chapter X of the Bankruptcy Act. Briefs filed and hearing set for July 27, 1962. Opinion rendered Nov. 19, 1962, affirming the judgment of the district court. Closed.

Notice of appeal filed by SEC from that portion of the order entered May 14, 1963, denying the motion of SEC to dismiss the proceedings under Chapter XI of the Bankruptcy Act. Pending.

Appeal from order of Apr. 25, 1962, approving a petition for reorganization under Chapter X of the Bankruptcy Act. Commission filed a brief. Court of appeals decision handed down affirming the district court's order approving the petition for reorganization. Closed.

Appeal filed by W. D. York, for reversal of district court order entered July 9, 1962, finding that the debtor's petition for reorganization was filed in good faith. Order of CA-5 entered Nov. 28, 1962, affirming the order of the district court. Petition for rehearing filed and denied Dec. 27, 1962. Petition for writ of certiorari filed Feb. 7, 1963. Brief for SEC in opposition Mar. 1963. Certiorari denied by supreme court. Closed.

Notice of appeal filed by Lester M. Entin and Joseph Waters dba Lester M. Entin Associates, from the "Order Authorizing Sale" entered Mar. 1, 1963 and from the "Recommended Order Authorizing Sale of Private Brands and Order Granting Stay" filed Dec. 17, 1962, and from the "Order Authorizing Sale of Private Brands Division of Debtor" entered Mar. 4, 1963. Pending.

This appeal involves the question whether a proceeding for an arrangement with its creditors by Grayson-Robinson Stores, Inc., pursuant to Chapter XI of the Bankruptcy Act should be dismissed on the ground that any proceeding for the rehabilitation of the debtor under the Bankruptcy Act should have been brought under Chapter X of that Act. Opinion rendered affirming district court's denial of motion. Petition for rehearing denied. Closed. Appeal from order of Apr. 8, 1961, limiting the recovery of expenses by the Green Committee. Brief and appendix of appellee filled Nov. 2. 1961. Brief of the Commission filed Nov. 9, 1961. Oral argument held Mar. 26, 1962. Decision rendered Oct. 1962, affirming the judgment of the district court. Closed.

Notice of appeal filed by Commission from order of the district court denying motion to dismiss Chapter XI proceedings under an amended petition to comply with provisions of Chapter X. Appeal dismissed. Closed.

This action arises out of a question whether or not the district court has discretion to refuse to compel the Trustee of a corporation in reorganization under Chapter X of the Bankruptcy Act to submit to arbitration a claim for vacation pay arising out of a previously expired collective bargaining agreement with a defunct subdivision of the debtor corporation. Petition for writ of certiorari filed May 27, 1963. Pending.

Appeal filed Mar. 9, 1962, from order of court approving sale of assets of Hal Roach Studios pursuant to Sec. 116(3) of Chapter X proceed. ings. Stipulation dated Sept. 5, 1962, dismissing appeal since the matter is moot. Closed.

Appeal from order of the district court denying appellant's compensation for legal services and reimbursement of expenses as Attorney for debtor. Motion for dismissal of appeal filed by appellant due to satisfactory settlement negotiations. Commission's objections filed Nov. 1, 1961. Order Nov. 20, 1961, remanding case to District Court. Order entered by the district court on June 4, 1962, reaffirming prior order denying compensation to appellant. Appeal on the merits. Court of Appeals affirmed district court's opinion, May 23, 1963. Closed.

Appeal filed July 11, 1962, by the Protective Committee for Independent Stockholders of TMT Trailer Ferry, Inc., from "Opinion and Order on Valuation and Insolvency" of the Hon. Emett C. Choate. Appeal taken by Committee from the order confirming the plan of reorganization entered Feb. 14, 1963. Pending.

TABLE 24.-Proceedings under the Bankruptcy Act pending during the fiscal year ended June 30, 1963, in which the Commission participated when district court orders were challenged in appellate courts—Continued

Name of case and U.S. Court of
Appeals

United Star Companies, Inc., et al.,
debtors-appellees; In Re Securi-
ties and Exchange Commission,
appellants (5th Circuit).
Walco Building Corp., debtor;
Hortense Mayer Hirsch, et al.,
appellants v. Nathan Yorke,
Trustee, et al., appellees (7th
Circuit).

Nature and status of case

Notice of appeal filed by Commission from that portion of the order
entered on Mar. 22, 1963 denying the motion of the SEC to dismiss
the proceedings under Chapter XI of the Bankruptcy Act.
Pending.
Appeal filed from the order of the district court entered Feb. 8, 1963,
enjoining appellants from "proceeding or continuing in any manner"
with their state action. Commission filed a memorandum in
support of the motion of certain bondholders to dismiss the appeal
May 27, 1963. Pending.

TABLE 25.—A 30-year summary of criminal cases developed by the Commissionfiscal years 1934-1963

[See table 26 for classification of defendants as broker-dealers, etc.]

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1 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.

32 of these references as to 118 proposed defendants were still being processed by the Department of Justice as of the close of the fiscal year, and also 19 of the prior years references as to 88 proposed defendants. 4678 of these cases have been completed as to 1 or more defendants. Convictions have been obtained in 572 or 85 percent of such cases. Only 107, or 16 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 73 defendants who died after indictment.

TABLE 26.-A 30-year summary classifying all defendants in criminal cases developed by the Commission-1934 to June 30, 1963

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1 Includes persons registered at or prior to time of indictment.

The persons referred to in this column, while not engaged in a general business in securities, were almost without exception prosecuted for violations of law involving securities transactions.

TABLE 27.-A 30-year summary of all injunction cases instituted by the Commission-1934 to June 30, 1963, by calendar year

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