securities
exchange
commission
chenery
argued
decided
february
chester
lane
washington
petitioner
spencer
gordon
washington
respondents
justice
frankfurter
delivered
opinion
respondents
officers
directors
controlling
stockholders
federal
water
service
corporation
hereafter
called
federal
holding
company
registered
public
utility
holding
company
act
stat
et
et
brought
proceeding
act
review
order
made
securities
exchange
commission
september
approving
plan
reorganization
company
commission
order
preferred
stock
acquired
respondents
period
successive
reorganization
plans
proposed
management
company
commission
permitted
participate
reorganization
equal
footing
preferred
stock
appeals
district
columbia
one
judge
dissenting
set
commission
order
aside
question
presented
looms
large
administration
act
brought
case
relevant
facts
follows
federal
typical
public
utility
holding
company
incorporated
delaware
assets
consisted
securities
subsidiary
water
gas
electric
companies
thirteen
one
foreign
country
respondents
controlled
federal
control
parent
utility
operators
company
owned
outstanding
shares
federal
class
common
stock
representing
controlling
voting
power
company
november
federal
registered
holding
company
public
utility
holding
company
act
management
filed
plan
reorganization
act
relevant
portions
copied
margin
plan
well
two
plans
later
submitted
federal
provided
participation
class
stockholders
equity
proposed
reorganized
company
feature
plans
unacceptable
commission
ultimately
withdrawn
march
fourth
plan
filed
federal
plan
proposing
merger
federal
utility
operators
company
federal
water
gas
corporation
inactive
subsidiary
federal
contained
provision
participation
class
stock
instead
class
stock
surrendered
cancellation
preferred
class
common
stock
federal
converted
common
stock
new
corporation
commission
pointed
analysis
proposed
plan
new
common
allocated
present
holders
class
stock
substantially
equity
reorganized
company
given
present
preferred
stockholders
period
november
june
successive
reorganization
plans
commission
respondents
purchased
total
shares
federal
preferred
stock
total
number
outstanding
shares
federal
preferred
stock
purchases
made
market
brokers
prices
lower
book
value
common
stock
new
corporation
preferred
stock
converted
proposed
plan
feature
plan
approved
commission
respondents
holdings
federal
preferred
stock
acquired
per
cent
common
stock
new
corporation
respondents
frankly
admitted
purpose
buying
preferred
stock
protect
interests
company
ascertaining
whether
terms
issuance
new
common
stock
equitable
interest
investors
within
act
commission
found
approve
proposed
plan
long
preferred
stock
acquired
respondents
permitted
share
parity
preferred
stock
commission
find
fraud
lack
disclosure
concluded
respondents
federal
managers
fiduciaries
hence
fair
dealing
trade
securities
corporation
plans
reorganization
commission
recommended
formula
devised
respondents
preferred
stock
participate
extent
purchase
prices
paid
plus
accumulated
dividends
since
dates
purchases
accordingly
plan
thereafter
amended
provide
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stock
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respondents
unlike
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stock
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others
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stock
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company
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cost
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cent
interest
commission
respondents
objections
approved
plan
thus
amended
order
review
completely
agree
commission
officers
directors
manage
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company
process
reorganization
public
utility
holding
company
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trust
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obligations
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see
wormley
wormley
wheat
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pacific
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see
stone
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rev
say
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cases
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cited
namely
pepper
litton
michoud
girod
magruder
drury
meinhard
salmon
opinion
plainly
shows
commission
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pepper
litton
whether
claims
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stockholders
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corporation
treated
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creditors
evidence
revealed
scheme
defraud
creditors
reminiscent
evils
eliz
designed
cope
page
page
another
case
relied
upon
woods
city
bank
held
bankruptcy
exercise
plenary
power
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fees
expenses
connection
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proceeding
chapter
chandler
act
stat
et
deny
compensation
protective
committees
representing
conflicting
interests
michoud
girod
magruder
drury
dealt
specific
obligations
express
trustees
persons
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enterprise
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regard
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prevalent
time
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holding
company
act
became
law
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case
proffer
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standards
reflecting
experience
gained
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policy
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lays
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plainly
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reports
congressional
committees
charge
legislation
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care
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requires
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directors
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company
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holdings
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company
securities
gave
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evils
public
utility
holding
act
designed
correct
see
concurring
opinion
judge
learned
hand
morgan
stanley
securities
exchange
commission
difficulty
remains
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urged
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chenery
purchased
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following
approvingly
quoted
meinhard
salmon
trustee
held
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alone
punctilio
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able
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see
pepper
litton
michoud
girod
magruder
drury
course
commission
limited
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owing
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report
senate
committee
banking
currency
stock
exchange
practices
report
sess