Okin v. Securities & Exchange Commission

CLARK, Circuit Judge.

The order of the Commission for which review is sought authorizes Electric Power & Light Corporation to use its funds to the extent of $6,316,700 for the purchase of preferred stock of Mississippi Power & Light Company — its subsidiary whose common stock it wholly owns — subject, however, to the condition that it convert all preferred stock so acquired into Mississippi common stock within four months. This order is one of the steps taken by the Commission in disintegrating the great Electric Bond and Share utility holding system, and comes in direct sequence after the…