Securities and Exchange Commission v. General Time Corporation, and Talley Industries, Inc., American Investors Fund, Inc., and Chestnutt Corporation

FRIENDLY, Circuit Judge:

This is the third and, we hope, the last chapter of litigation in this court concerning the acquisition by Talley Industries, Inc. (Industries) and American Investors Fund, Inc. (Fund) of stock in General Time Corporation (GTC). The earlier ones, Docket Nos. 32506 and 32299/32300, are chronicled in 399 F.2d 396 (2 Cir. 1968) and 403 F.2d 159 (2 Cir. 1968), and we shall assume familiarity with these opinions.

The instant appeal stems from our first decision, 399 F.2d 396, in which we upheld the SEC’s position that by acquiring shares of GTC in the winter of 1967-68 and…