Word: sec
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Dates: during 1930-1939
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...Cleveland, Paul Vories McNutt united-for one evening at least-the numerous scrapping Ohio Democratic elements at a binge given by New Dealer Dan T. Moore, regional SEC chief. Even big businessmen, Republicans, and three-time Republican Mayor Harold H. Burton came, saw and were temporarily conquered by tall, tan, terrific Mr. McNutt...
...railroads already bankrupt, hogtied in the Courts by common stockholders' claims, came last week from the Supreme Court. The Court was unanimous and its spokesman was Mr. Justice William Orville Douglas, who first made his jurisprudential name as a Yale Law School professor by analyzing bankruptcies for the SEC. Actually the case did not concern a railroad at all. It concerned obscure Los Angeles Lumber Products Company, Ltd. and was chosen as a kind of Schechter case for a New Deal test of Section 776 of the Federal Bankruptcy...
...having had a chance to decide whether they were scrutinizably fair, feasible and equitable. He had attacked many a plan as inequitable for giving the common stock rights when it really had no equity if creditors and preferred stockholders got their just due. When Douglas became Chairman of the SEC, he sponsored the Chandler Act which set up a special SEC division to study reorganization plans and inform judges about them as "friends of the Court...
Friends of the Supreme Court in this case were SEC, ICC, Solicitor General Robert H. Jackson. Mr. Douglas thought the Court's friends were right, that the common stockholders had pulled a fast one on the preferred, ruled that they could get their foot inside the door of the reorganized company only if they paid their way in with new money. The decision thus strengthened the hands of bondholders, preferred stockholders in future reorganizations. Wrote Mr. Justice Douglas...
...Horace Mann High, he twice was named All-State quarterback, was the country's leading interscholastic football scorer (150 points) in 1936, was captain of the basketball team, pitched three no-hit, no-run games one spring, was State champion at the 100-yd. dash (9.9 sec.) and still holds the Indiana record (22.6 sec.) for the 200-yd. low hurdles...