Document: 409 U.S. 363 93 S.Ct. 647 34 L.Ed.2d 577 HUGHES TOOL COMPANY et al., Petitioners,v.TRANS WORLD AIRLINES, INC. TRANS INC., Petitioner, v. al. Nos. 71-827, 71-830. Argued Oct. 10, 1972. Decided Jan. 1973. Rehearing Denied March 5, See 410 975, 1434, 1435. Syllabus Trans World Airlines (TWA) brought this antitrust action against the Hughes Tool Co. (Toolco) and others for treble damages as a result of manner in which Toolco had exercised its controlling interest TWA, with particular reference to Toolco's asserted acts control dictate acquisition financing aircraft by TWA. As an organization engaged phases aeronautics, could not acquire air carrier such TWA without consent Civil Aeronautics Board (CAB). In 1944 CAB approved de facto comporting provisions § 408 Federal Aviation Act. That provision permits acquisitions that finds are inconsistent public will monopoly. Section 414 immunizes from liability any conduct order issued under 408. The approval narrowly limited intercompany sales transactions specific approval, required annual reporting. A few years later, made agreement permitting obtain full legal CAB, after hearings into Toolco-TWA relationship, found financial other support was great importance concluded 'the continued appears essential best interests public.' CAB's subject conditions order. result, 1960, every lease each received pursuant stock placed voting trust connection program TWA's jet equipment. Shortly thereafter, suit. defense, relied on Pan American Airways, Inc. United States, 371 296, 83 476, 9 325. District Court entered default judgment Toolco. Appeals affirmed, concluding inapplicable because, unlike situation case, challenged complaint 'unrelated function CAB' within exclusive competence. Held: violative laws were surveillance, and, virtue §§ Act, immunity laws. Appeals, therefore, erred holding American, supra, is facts involved here. Pp. 366—389. 449 F.2d 51, reversed. Charles Alan Wright, Austin, Tex., others. Dudley B. Tenney, New York City, Airlines, Mr. Justice DOUGLAS delivered opinion Court. 1 litigation alleged violations suffered while (Toolco). over $145 million at rate 7 1/2%. Court's opinions confirming award reported 308 F.Supp. 679, 312 478. 51. cases here petition certiorari1 cross petition. 405 915, 92 960, 30 785. 2 crux use method acquired necessary thereof.2 3 Whether or states cause question we do reach. Another defense those surveillance Act 1958 have 4 It our view erroneously rejected defense. This think, prior decision 325 (1963). 5 makes illegal certain mergers, consolidations, Board.3 Specifically, s 408(a)(5) requires when 'any person phase aeronautics' seeks whatsoever. 408(b) authorizes directs approve transactions, including control, 'public interest' prohibits transaction 'which would creating monopoly monopolies thereby restrain competition jeopardize another carrier' party transaction. 102 assessing convenience necessity, should consider, among things, '(c) ompetition extent assure sound development air-transportation system properly adapted needs foreign domestic commerce States . ..'4 408(e) empowers Board, upon own initiative, investigate determine whether violating subsection (a) if violation found, 'require take action, consistent chapter, may be necessary, prevent further provision.' Under 408(d), has broad accounts, records, reports anyone carrier, their inspection. granted power designation officer director who officer, director, member, stockholder 'in aeronautics.' 409(a), 49 U.S.C. 1379(a). relieves operation affected 'insofar enable anything authorized, approved, order.'5 6 statutory backdrop series decisions orders respect Toolco, major being 1944, 1948, 1950, 1960. first decision, C.A.B. 153 (1944), authorized approximately 45.6% outstanding From Board's time, it Howard became interested invitation his friend, Jack Frye, president began acquiring through he solely owned. By 1942, 42.1% all practical purposes position day-to-day affairs carrier. Meanwhile, Frye jointly designed four-engine transport, later known Constellation, Lockheed agreed manufacture contract assigned reserving right purchase sizable number arrangement might actually resale commercial that, together experimental work aviation parts military, characterized aeronautics therefore forbidden Board. ownership increased 45.6%, 408, prohibition insure abuse 'to profit detriment interest,' C.A.B., 156, continue only so long purchases did exceed $200 per item amount more than $10,000 one calendar year. Annual respect.6 158. 1948 1950 originated letter presented January 8, 1947, accepted following day. agreement, loan $10 return latter's interest-bearing notes convertible common company. On opened investigation matter. At threshold jurisdiction, hotly contested. June sustained 381. took dual approach jurisdictional question. inquired change activities field since October 17, altered character Docket No. 1182. clear substantial jurisdiction section reason fact propriety originally changed thereof.' 382. 8 After reviewing aeronautical division company chiefly large-scale plant military substantially status participation aeronautics. second inquire permit increase shareholdings up 80% shares represented effectiveness give require consent. Its conclusion although obviously enough dominate company, 1947 translate 'obviously impl(y) complete corporate corporation.' 387. sufficient addition 10 With established, proceeded inquiry additional interest. matter also thought focused appropriate, but counsel insisted far-ranging urged, possible solution, disapproved original proceedings, 1182, reopened terminated. Board7 opted sufficiently 'into actions policies period during prior-approved existed (f)or inevitably investment endeavor make itself accountable—as indeed acquirer scrutiny had—for managerial efficiency, operating economy, integrity controlled carrier.' 12 192, 196 (1950). Before approving acquisition, '(c)omplete actual control,' id., 197, determined examine future plans past 11 Accordingly, Toolco-Hughes-TWA relationship 1939 date examined detail, events occurring 1947. focus differences between management new flight equipment—the quantity, type, timing, thereof. Unquestionably, been need equipment, particularly needed operate expanded routes. proposed preferred equity large measure, most often equipment credit arrangements. Disagreement caused delay, this, combination factors, verge bankruptcy reorganization late 1946. juncture eventuated. Financial failure averted; urgent continued, additions aid some itself.8 time case submission, condition considerably improved, measurably aided better results, expense offering stockholders unsubscribed underwritten bankers. 208—209. considering interest, observed there no conflict present contemplated enhanced problems antimonopoly 408(b). Id., 216. then noted contributions science way design instrumental aids both armed services civil 'of selection advice guidance engineering operations departments Ibid.9 Most important, however, opinion, efforts improve last years. Although criticizing along transportation industry, relying too heavily debt which, resulted very difficult, lopsided capital structure, record finding Indeed, '(t)he 224. 13 'subject terms conditions' imposed 370. approval. Applications instance, described.10 Each regarded modification interpretation antecedent these transactional recited 'just reasonable interest.' Then, December proposal things fundamental changes former, insistence institutions program, company's Directors reconstituted. 32 1363. dominant thus ended trusteeship. course accompanying order, stated officially informed reasons banks' trust, 'unaware problems.' 1364. knew, because record, delayed fleet probably attractive longer available unavailability contributed maintain normal share market. 'Under circumstances' said, 'we think facilitate same evident Hughes, requiring attention.' 1365. went before permitted reasume forthcoming 'searching inquiry' factors involved.11 Ibid. 14 six months now filed suit latter alleging injury business. analyzed rested principally 1955—1960. assertions 1955 industry converting aircraft, competitors year planes.' 332 602, 605. General Dynamics Corp. (Convair) joint suitable plan proved abortive, whereupon considered ultimately abandoned enter production. arranged Convair Boeing, arrangements providing assign rights 15 respects gave suit, relies distinguished saying unlawful territories allocation routes directly 'within ambit powers explicitly Congress,' F.2d, 608. said different view, continuing supervision general related rise 16 basis awarded based primarily profits lost five relating 63 destined 65—66: 17 (1) diversion Convairs Northeast Airlines; 18 (2) temporary retention four ultimate 19 (3) Boeing jets out 33 ordered Airways; (4) lease, instead outright sales, 1959 1960; 20 (5) delivery 47 jets. 21 One difficulty so, misconstrues record. noted, 1960 modifications interpretations 22 modified 'control' sale occurred, sanction precise allegedly used disadvantage But answer problem exemption. 23 construed applied dictates contrary result. 24 1, 2, Sherman challenging Panagra, Airways W. R. Grace & allegations Grace, Panagra divided territories, conspired monopolize west coast South America, extending Canal Zone States. conspiracy violated interfering Panagra's route extension. appeals held dismissed 411 bring halt unfair practices methods competition, complaint, courts intrude independently construction two regimes collide. Hence, relief routes, exclusively pointed carried odd hold affiliation pass muster nevertheless run afoul laws: 'Whether meet standards provided peculiarly judicial review 1486.' U.S., 309, S.Ct., 484, 25 previously indicated, consider relevant there, hence competence body. difficult square statute several 26 expressly forbade directed empowered remedy obtained otherwise accordance perfectly holdings transformed legal, well practical, control. 27 reaching conclusion, broadly exercise 1944—1947. proper determining accountable 196. dealt detail improperly arrival rather financing, sold leased All matters, concluded, central determination issue indeed, existing completely 28 point extensively kind charged 1950's violate is, understand how conclude controlling, flow unrelated Clearly, considerations mainstream responsibilities approved. 29 Nor tenable argue however public-interest standard mandated authority terminated having powerless oversee exercisde come. deem desirable. 408(a). If whatsoever' either initiative discovered situation. 204(a), U.S.C.A. 1324(a), amend shall carry perform duties statute.12 seems apparent, exhaust 1182 1944. Obviously, remained competent enforce waive attached many times. n. supra. where challenged, triggered industry. implied 1942 unacceptable foreclose reopening re-examination initial justified. 31 We little doubt extended forbidding subsequent import 1948—1950 proceedings. Also instructive response asked 1956 modify jet-powered Reciting approvals premised assumption use, forthwith motion waiver consolidated proceeding. proceeding canceled withdrawn, clearly thought, rightly audit orgoing read recital arrangement, delaying dictating same, injury, followed assertion 'presented say does cover sought. 'acquisition control' Moreover, granting permission must defined Among set forth 102(c), ante, 368 4, provides: 35 'The promotion adequate, economical, efficient service carriers charges, unjust discriminations, undue preferences advantages, destructive competitive practices.' 36 Competition monopoly13—two ingredients laws—are governing granting, allowing, expanding contracting various context, grant alter leads us like pre-empts field.14 owned 50% using receiving extend restraint beyond reach even though taken investigate, let alone act on, misfeasance done 37 construing 414, plain exercising precisely matters issue. What more, stewardship, faulty respects, benefit gone by, sought continuation TWA-Toolco relationships 38 argument entering fully realized much purchased, whom acquired, financed. type association And implementing airplane ongoing limitation size transactions. 39 repeat, what displace 40 'While deal numerous aspects normally problems, entrusted encompass fraction total.' 305, 482, 41 conspicuous exceptions involving trade restraints. Timken 341 593, 598, 71 971, 974, 95 L.Ed. 1199. 42 There exceptions. where, here, corporation, specifically parent subsidiary, situations hands can invoke sanctions controls pervasive CAB. deny involves appraisal impact competition; 415 put subsidiary—as conceived subsequently exercised—under supervision. 43 cannot believe day minority stockbroker instituted derivative monopolized market deliveries improvident arrangements, survived dismiss 414. Such negate investigation, 408's provision, 102's standard, 44 1961 carries credentials, terminate penalize unless until forthcoming. 45 adds nothing analysis characterize monopolization market, 1950. assume negligible proportions instance add describe furthering tying exclusive-dealing 46 short reversal dismissal action. future; event, mandate means displaces 48 necessitates cross-petition, below, remand directions points briefed argued become irrelevant posture litigation. Reversed. 50 MARSHALL part consideration cases. 51 Chief BURGER, BLACKMUN joins, dissenting. 52 history remarkable—indeed unique annals modern federal jurisprudence, far I am aware preface my dissent merits nearly dozen protracted litigation, conducted enormous cost, comes abrupt end eight ago decided. strange demonstrate, resolution Court, decided, parties invest untold vast wholly contest measure damages. 53 30, 1961, Southern York, charging February 7, 1962, pretrial appointing Special Master discovery deposition impasse, 1963, appear defendant produce documents refused produce. memorandum denying complaint.1 examination contested documents, 'notice position,' advising chosen rest positions 'avoid burdens expenses trial proceedings appellate court opportunity rule heretofore herein.' 54 position' constituted accordingly May 3, 1963. certified Second Circuit sufficiency based. referred Master. 1964, decided affecting constitute good claims TWA.2 November 16, certiorari Appeals.3 briefing, writ improvidently 1965,4 returned 55 For three years, Master5 appropriate 23, 1969, report awarding amounting $137,611,435.95.6 April 14, 1970, superseding added $7,500,000 attorney's fee (representing 56,000 hours 'mixed rate' $128 hour) $336,705.12 costs, total $145,448,141.07, plus stayed pending renewed appeal September 1971, affirmed slight modification.7 56 again 22, 1972,8 today—more seven now-determinative brushed aside Court—the discovers immunized role Toolco—TWA relationship. This, course, tendered 1964 secure early sums expended proving resulting complaint.9 57 capsule chronicle barely suggests factual complexity. To 20th-century sequel Bleak House exaggeration. Dickens himself scarcely imagined lawyering cost represent visible intercorporate conflict, personnel diverted daily tasks.10 today's 'ending' quite surprise—as surprise parties. suggest victors, oral fleeting comments devoted becomes dispositive case. Of allowed worthy notice 58 sure, secondary correctness decision. unable join disposition departs markedly uniformly repeal accommodate regulatory statutes 'is (regulatory scheme) work, minimum necessary.' Silver Stock Exchange, 373 341, 357, 1246, 1257, 389 particular, today enlarges scope (1963), says 'requires' reaches today—notwithstanding American's teaching Volume Reports granted. 59 * Passing holding, find outset supplement description framework arises. 1958, 1378,11 person12 408(b), 1378(b). 'shall control.' 60 fails elaborate command create competition. words, specify markets look forbidden. Act,13 enumerating guide similarly ambiguous. includes weighed evaluating factor '(c)ompetition ..' Again, though, is: whom? markets? 61 responsible promoting sense; fostering without, essentially alien created. Resolution ambiguity critical Act,14 confers '(a)ny (§ inter alia) insofar order.' 'authorized, required' surely determined, least extent, evaluate potentially anticompetitive conduct. II 62 neglects resolve, mention, problem, might, legislative demonstrates concerns troubled framers carriers. impetus regulations preceding era freely price warfare stability Nation's transport statement Committee Commerce 1938, Senator Copeland stated: 'Competition extreme, tends render unsafe Postal Service, national America today, laws, unsatisfactory investors, labor, themselves. committee feels bill promote orderly immediate enactment spread bad wasteful tactics intense air-carrier industry.' S.Rep.No.1661, 75th Cong., 3d Sess., (1938). 64 Similar views voiced Chairman Interstate Foreign Commerce, Congressman Clarence Lea: 65 law economic regulation Routes ability requirements letting air-mail contracts lowest bidders. broken down recent months, carriers, desire mail route, absurdly low bids, virtually evinced willingness pay privilege carrying route. once secured, protect cutthroat certificate authorization Government beginning operations, safety requirements. Nor, competing engaging wars disastrous concerned. 66 chaotic shake faith investing funds H.R.Rep. 2254, 67 key aim legislation, then, eliminate 'cutthroat competition' beginning, pushed scheme entry regulate Yet equally soon serious began, prospect concern foster 'airline trust' similar overconcentration 1937, Commissioner Eastman Commission, supported transportation, reminded members Senate legislation Commission unlimited consolidate airlines possibly, away altogether. suggested language drafted preclude consolidation carriers.15 commentator stated, 'Eastman's suggestion heeded, (1937) reported, merger clause contained (the anti-monopoly restriction 408).' Comment, Merger Monopoly Domestic Aviation, Col.L.Rev. 851, 856—857 (1962). Final postponed next session Congress, McCarran Representative Lea introduced 1938 independent agency, bills 'contained proviso identical 1937 bills, reported.' 857. 68 implement balancing explicit 414.16 debates origins 408—reflect congressional McKellar Truman, supporter bill, true airmail When Truman answered affirmative, complained that: 69 '(S)uch inadvisable, ought never to. 70 everyone knows, companies complaining they consolidate. Some them consolidate, greatest ill ever befell companies. befall combinations permitted. 'I state vote proposes commission combine confederate huge regret bill.' Cong.Rec. 6728—6729. 72 disagreed. He told McKeller 'contain(ed) protection thing Tennessee fears.' colleagues 'result 'every precaution written prevention enforced. Protection trade, commerce, everything monoply.' 6729. 'where prevention.' debate turned discussion principles application situation, Senators spoke carriers.17 73 Thus, debates, remainder reflect Congress enacted concerned show considerable deemed provide flexibility administer unlikely expressed authority's pre-emptive happen touched III 74 Our 325, important setting. There, alleging, alia, interference venture dismissed. stood behind presumption immunity, 304—305, 9, 325; interdependent reasons, First, specified fell basic mission competency—the market: 75 'Limitation divisions relation scheme.' 482. 76 Second, substantive 302, 308, 480, 484. 77 supervise responsibility abusive features complaint. Consequently, 'If collide.' 310, 485. Even narrow provoked Brennan, Warren joined. 78 respect. Here, possesses carrier—just stuff Yet, components supply manufacturing preventing conspiracy, restricted sustain fall back (or both) propositions: police extends complaint; immunity. Neither sound. IV 79 A. Improbable seems, rests conferred simply extensive procedural intervene control-person-air-carrier recounts involvement relationship—though suggest, cannot, laws.18 tells embarked wide-ranging evaluation treatment afforded remotely toward market.19 Finally, Act—though acknowledge '(f)or purpose performing Board's) Act,' indication responsibility. 80 weakness inherent recitation 'procedural underbrush' leaps premise acknowledged duty or, policy, unlimited. inescapably, turns; teach, potential colliding judgments forces carving overlapping agency See, Borden Co., 188, 206, 182, 191, 84 181 (1939) (relevant Capper-Volstead 'does entire Act'); Georgia Pennsylvania 324 439, 458, 716, 726, 89 1051 (1945) ('no warrant fix rates clothes legality discriminate State region, coercion fixing rates, veto single carrier'); Maryland Virginia Milk Producers Assn. 362 469, 847, 855, 880 (1960) Clayton 'transactions duly consummated given Secretary Agriculture' authority, included marketing agreements restraints wider typically covered laws); California Power Comm'n, 369 485, 82 901, 904, (1962) ('Here 'antitrust considerations' convenience, necessity' 'pervasive scheme' Commission'); Philadelphia National Bank, 374 321, 351—352, 1715, 1734—1736, 915 (1963) (though Comptroller Currency effect passing bank merger, weight, hearing, review). 81 must, imposes impact, whatever variety, flowing touching puts it, monopoly—two 408.' agree reading offers provisions; already provides none. consistently interpreted impose expansive perceives time. brief amicus curiae 1972, disclaimed competency non-air threatened recently reaffirmed well-established doctrine administrative entitled weight.' Trafficante Metropolitan Life Insurance 205, 210, 364, 367, 415; Udall Tallman, 380 85 792, 801, 616 (1965); Griggs Duke 401 424, 433—434, 91 849, 854—855, 158 (1971). job tied self-appraisal, 'it weight,' surrounding behavior 'are typical airline search accommodation advanced ignoring agency's sense self-limitation.' 328, 330, 494 (Brennan, J., dissenting). function, Act's history, convince me erroneous, raise doubts. doubts, availability remedies safeguards 'Repeals implication strongly disfavored.' 350, 1734, 198, 188 ('a cardinal principle repeals favored'). Socony-Vacuum Oil 310 150, 226—228, 811, 846 1129 (1940); 456—457, 725—726; 903, cited Brennan's 350 28, 1734. traditional aversion force context '(n)othing chapter abridge nor statute, remedies.' 1506; see 490 seem justifiable accommodation. work.' 1257. amended person, aspect acquires age conglomerate arrive industrial corporation transportation. likewise pose dangers. will, obstacle faced dilemma. approves engages computer hotel insurance happens Quite understandably, play safe, keeping effectively ombudsman economy whenever touches way. hand, feel obliged heed yawning poses threat manpower tasks imagine contribute effective enforcement Returning resolve issue, elementary, denial decides nothing. granted, sense. stage respond merits, lawyers signal proceed. These so—for nine dollars expense—only liability—the today. confined massive task issues ascertained. Precisely true. respectfully judgment. (and liability) claim falls core maintaining, maximum degree disposition, fruitful express length pressented note overriding affirm Appeals. least, reargument explored certifying F.R.D. 604. 602. certiorari, 379 912, 261, 265, 184, 248, 249, 934, 817, 818. 1965 1971 panel ruled binding. 'final judgment' res judicata apply. 58. collateral estoppel apply, litigated 'properly counterclaims.' 'a sharply distinguishable favor adversary.' No forecloses presented. establish raised. Indianapolis Chase 314 63, 15, 86 (1941), diversity realigning parties, want jurisdiction. reversed denied certiorari. Two plaintiff's reversed, realignment 'precludes citizenship.' 74, 19. Similarly, Mercer Theriot, 377 152, 1157, 206 (1964), wrongful death, initially jury verdict grounds errors insufficiency evidence. remand, affirmed. affect evidence petitioner's favor. Hanover Shoe, Shoe Machinery Corp., 392 481, 488 6, 88 2224, 2228, 1231 (1968). well-settled imparts inference concerning Baltimore Radio Show, Inc., 338 919, 252, 255, 94 562 (Frankfurter, J.). 71. Stat. 767, amended, 1378, reads pertinent follows: '(a) Prohibited acts. 'It section— '(2) purchase, properties, thereof, carrier; '(5) whatsoever: Provided, exempt noncertificated requirement periods interest; '(b) Application Board; hearing; approval; disposal hearing. 'Any seeking consolidation, contract, section. thereupon notify persons proceeding, place Unless, fulfilled, just prescribe: include person' 102, 1302, reads: 'In performance following, necessity. encouragement defense; recognize preserve advantages of, highest in, relations between, coordinate carriers; practices; '(d) '(e) commerce; '(f) promotion, encouragement, 1384, sections 1379, 1382 title be, hereby, relieved laws', designated Title prohibitions under, law, naything 1002(b), (c), 1482(b), (c). opposed 'imposing burden ask wisdom propriety, technical business way, bargain manufacturer.' Brief Examiner (filed Apr. 1944). Public counsel's alternative forfeit event sell Highes 'should attempt influence regard acceptance, participated degree.' 157. proposal, reasoning complicated somewhat indefinite enforcement. object improper account accomplished limit Board.' References Trial Examiner. adopted findings, conclusions, recommended examiner' modification. 193. 'necessary' resell conditional 'could purchased aircraft) principal creditors.' 218. example, 'Even crisis 1946, resources placing Constellation Aircraft Corporation. developed assistance engineers commitment undertake project met TWA.' example: 1959, spare engines separate executed previous authorize covering $3 1/2 worth parts. July leases extension rental airliners. leases, notice. Here 29, Convairs, required. qualified footnote, amplified meant excerpt (12 196): 'Aside undesirable arise acquirer's carrier's capacity responsibilities. over-all 1385, 'For reasonably inquiry, information.' (Emphasis added.) aspects: 'Agreements nature, whereby territory obtains prospective competitor undertaking, implied, likely tend impede nation. thwart formation discouraged.' 540, 546—547. 360 361, 1258—1259, 389, exception may, nonetheless, discrete instances claim. 200, 189, 181, said: 'That Agricultural coterminous manifest former delimited prescribed government Congress. Secretary, impinges penalties condemnation private conspiracies prohibited interstate remains untouched.' 184. Herbert Brownell replaced J. Lee Rankin resigned Corporation Counsel City. 679. posed questions, '1. Where district entertain subsidiary laws?' fourth '4. them, therefor Act?' unreasonable battalions adversaries effort bringing fees aggregate sum $15 million. 'Application Any section, 1969 person.' 103, 1378(a)(5). Prior 'person areonautics.' necessity: Services, Testimony Joseph Eastman, Member, S. 1760 Subcommittee 1st 334—335 (1937). hearings, Colonel Edgar Gorrell, President Air Transport testified element uncertainty kept money wound destroying both. fact. happened, agent stop myself; moment stick neck did, face jail sentence fine lawfully prices.' Hearings H.R. 9738, 309. 347, 1252, 'collective would, occurred free regulation, se Act.' 6730—6731. Between short-term extensions leases. shows 1960: —on 1956, parts, TWA; Dec. 18, borrow Toolco; 11, 1957, refinance aircraft; nonjet Feb. 26, 707—131 training crews fly obtaining leasing engines; aircraft. prolonged working 'definitive arrangements' presumably, Sept. representation yet completed; 707—131's 880's (all aircraft), basis, completion near permanent basis'; acquisition—i.e., purchase—by 707 $260 raised bonds junior securities. guarantee subscription lend $50 offering; 21, —finally, creation placement observes, damaged Northeast; ordered, trans-Atlantic competitor; planes lieu procured related, documented structure paper knowledge. viewed. dismisses discrepancies observing immune 'even years.' undermined best, historical explains why undertook reviewed resolved, longstanding dispute managements relative viewed capitalization 'neither sound' '(i)ts proportion large.' officers problem,' '(n)umerous complicate delay plan.' 221. balance, stock. While 'stewardship' regarding timing decisions, indicate analyze perspective position. deviated entrust policing anti-competitive effects

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