Legal Opinion
Securities & Exchange Commission v. Packer, Wilbur & Co.
Court of Appeals for the Second Circuit
Decided May 31, 1974No. 550, Docket 73-2294PublishedCited by 2 opinions
1Opinion of the Court
MANSFIELD, Circuit Judge:
The failure of a business is an unhappy event for debtor and creditor alike. When the bankrupt is one of the pillars of the financial community, a brokerage firm long identified in the popular mind with stability and redoubtable finance the failure can produce a tremor in financial circles throughout the nation. The near collapse in 1969 of Hayden Stone and the rumors of impending failures of other brokerage houses cast a pall over Wall Street that was reminiscent of its never-to-be-forgotten “Black Tuesday.” The industry naturally feared that the breakdown of these…
2Cases cited4 opinions
- A. T. Brod & Co. v. Jack Perlow and Adele Perlow, Also Known as Adele WagnerCourt of Appeals for the Second Circuit · 1967
- Fed. Sec. L. Rep. P 92,710 Stanley S. Pearlstein v. Scudder & German, a PartnershipCourt of Appeals for the Second Circuit · 1970
- Naftalin & Co. v. Merrill Lynch, Pierce, Fenner & Smith, Inc.Court of Appeals for the Eighth Circuit · 1972
- SECURITIES & EXCHANGE COM'N v. Packer, Wilbur & Co., Inc.District Court, S.D. New York · 1973
3Cited by2 opinions
- Securities And Exchange Commission v. Packer, Wilbur & Co., Inc.Court of Appeals for the Second Circuit · 1974
- Matter of SSIW Corp.United States Bankruptcy Court, S.D. New York · 1980