Okin v. Securities & Exchange Commission

The order of which review is sought in this proceeding approves refinancing of a loan made by Electric Bond & Share Company to American & Foreign Power Co., Inc. The order was entered upon the joint application of the two companies. Electric Bond & Share owns 40.22% of the common stock of American & Foreign Power, as well as large blocks of its other securities. Originally two loans were made: $30,000-000 in 1931 and $5,000,000 in 1932. Subsequently a note, dated February 14, 1935, was given by the debtor to secure the full sum, with an undertaking to pay interest at 7%. The principal was…