Securities & Exchange Commission v. S & P National Corp.

OPINION

THOMAS F. MURPHY, District Judge.

In Securities and Exchange Commission v. S & P National Corporation, et al., 273 F.Supp. 863 (S.D.N.Y.1967), the court approved a “Plan of Settlement and Reorganization” (the “settlement”) whereby the issues in this case were resolved. The settlement effected an extensive subordination of insiders’ debt and stock claims to the rights of the minority public stockholders of S & P National Corporation (“S & P”). The related consent judgment required the dissolution and liquidation of S & P and of its two wholly-owned subsidiaries and co-defendants,…