Stella v. Graham-Paige Motors Corp.

FRANK, Circuit Judge.

The facts are fully stated in the opinion of the district judge, reported in Stella v. Graham-Paige Motors Corporation, D.C., 132 F.Supp. 100.

1. The trial judge, we think correctly, adopted the reasoning of Judge Samuel Kaufman’s decision, denying a summary judgment, reported in D.C., 104 F.Supp. 957, in holding that Graham-Paige, for purposes of Section 16(b), 15 U.S.C.A. § 78p, became the “beneficial owner” of 10% of the Kaiser-Frazer *301stock at the very moment when Graham-Paige purchased that stock. Before Judge Kaufman, the S. E. C. filed a brief as amicus curiae in…