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IN RE THE UNITED CORPORATION

Civ. No. 1650.

128 F.Supp. 725 (1955)

In the Matter of THE UNITED CORPORATION.

United States District Court, D. Delaware, Wilmington.

January 17, 1955.

Attorney(s) appearing for the Case

William S. Potter (of Berl, Potter & Anderson), of Wilmington, Del., and Richard Joyce Smith (of Whitman, Ransom & Coulson), and William T. Farley, New York City, for The United Corp.

Thomas Reath, John Mulford (of Drinker, Biddle & Reath), of Philadelphia, Pa., and M. Quinn Shaughnessy, of Washington, D. C., for Alfred A. Biddle, a warrant holder, and for the General Protective Committee for the Holders of Option Warrants.

Carlos L. Israels (of Berlack, Israels & Liberman), New York City, for Herbert M. Diamond, et al., other warrant holders.

Myron S. Isaacs, Ellwood L. Englander and William R. Nowlin, Washington, D. C., for the Securities and Exchange Commission.

Randolph Phillips, New York City, pro se, and Joseph B. Hyman, of Alexandria, Va., for Randolph Phillips, as Attorney-in-Fact for stockholders of The United Corporation, and for Edward R. Downing.

LEAHY, Chief Judge.

This is a suit by the Securities and Exchange Commission for approval and enforcement of a voluntary plan filed by the United Corporation under § 11(e) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79 et seq., and approved by the SEC in 1951 which, among other things, cancels all United's outstanding warrants to purchase 3,732,059 shares of its own common stock, with no compensation to the warrant holders. United's...

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