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SECURITIES AND EXCHANGE COMM'N v. TALLEY INDUSTRIES, INC.

68 Civ. 1762.

286 F.Supp. 50 (1968)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. TALLEY INDUSTRIES, INC., American Investors Fund, Inc., Chestnutt Corporation, and General Time Corporation, Defendants.

United States District Court S. D. New York.

June 24, 1968.

Attorney(s) appearing for the Case

Philip A. Loomis, Jr., Gen. Counsel, David Ferber, Sol., John A. Dudley, Harold Sweetwood, Anthony A. Vertuno, Janet G. Gamer, Securities and Exchange Commission, Washington, D. C., for plaintiff; Mahlon H. Frankhauser, Richard V. Bandler, Edwin H. Nordlinger, Securities and Exchange Commission, New York City, of counsel.

Donovan, Leisure, Newton & Irvine, by Walter L. Stratton, New York City, for defendant Talley Industries, Inc.; Breck P. McAllister, Roy W. McDonald, Roger W. Kapp, Robert S. Ogden, Jr., Ben Vinar, William J. T. Brown, New York City, of counsel.

O'Connor & Farber, New York City, for defendants American Investors Fund, Inc. and Chestnutt Corp.; Clendon H. Lee, New York City, of counsel.

Chadbourne, Parke, Whiteside & Wolff, New York City, for defendant General Time Corp.; P. G. Pennoyer, Jr., New York City, of counsel.

WYATT, District Judge.

This is the decision after trial to the Court without a jury.

There was a motion for plaintiff Securities and Exchange Commission (SEC) for a preliminary injunction restraining in certain respects defendants Talley Industries, Inc. (Talley), American Investors Fund, Inc. (Fund) and Chestnutt Corporation. The principal relief sought by SEC was to require Talley and Fund to withdraw votes cast by them at the April 22, 1968 annual meeting...

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