Selig v. Powell

Carleton Harris, Chief Justice.

The Securities Commissioner of the State of Arkansas instituted an action in the Pulaski County Chancery Court on September 16, 1970, alleging that the commissioner had ordered the revocation of the Brookmire Corporation registration (hereafter called BMC or Brookmire) as investment ad-visor on grounds that such order was in the public interest and that Brookmire was insolvent. The commissioner prayed that Brookmire be enjoined from disposing of its assets until such time as provisions had been made for the protection of public stockholders and creditors and…