Securities & Exchange Commission v. United States Realty & Improvement Co.

The questions are whether respondent’s petition for an arrangement of its unsecured debts under Chapter XI of the Bankruptcy Act should be dismissed because the relief obtainable under that chapter is inadequate, and whether the Securities and Exchange Commission is entitled to raise and litigate that question by intervention and appeal.

Respondent, a New Jersey corporation doing business in New York as owner of and manager of real estate invest- • ments, has outstanding 900,000 shares of capital stock without par value, which are listed on the New York Stock Exchange and are stated by…