Matter of Engineers Public Service Company. Securities and Exchange Commission v. Guggenheimer & Untermyer, Louis Boehm, and Raymond L. Wise

BIGGS, Chief Judge.

Was the Securities and Exchange Commission- entitled to deny compensation to counsel for dissenting common stockholders under the circumstances of the instant case? Engineers Public Service Company, a public utility holding company, was liquidated under Section 11 (e) of the Public Utility Holding Company Act of 1935, 15 U.S.C.A. § 79k(e). Engineers had issued and outstanding both common and preferred stocks. Engineers’ management took the position before the Commission that each share of the preferred stock should be paid an amount, the equivalent of stated value, as on…