North American Utility Securities Corp. v. Posen

SWAN, Circuit Judge.

The plaintiff-appellant is an investment company organized under the laws of Maryland. It is a subsidiary of The North American Company which owns all of plaintiff’s preferred stock and about 80% of its common stock, the other 20% being publicly held. By an order dated April 14, 1942, issued pursuant to section 11 (b) (1) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79k (b) (1), the Se*195curities and Exchange Commission directed North American to dispose of its ownership of securities issued and properties owned, controlled, or operated by the plaintiff.1…