Securities & Exchange Commission v. Central Foundry Co.

BICKS, District Judge.

This contest for control of the Central Foundry Company has been unusually bitter. The contending parties are, on the one side, the present members of the Board of Directors, a majority of whom have served the Company in that capacity for upwards of twenty years and, on the other side, an insurgent group organized and spearheaded by one Sidney Gondelman who also financed its expenses. The members of this group first began acquiring stock in the Company approximately eighteen months ago, and from well nigh the beginning have dedicated themselves to the purpose of taking…