Document: 366 U.S. 316 81 S.Ct. 1243 6 L.Ed.2d 318 UNITED STATES, Appellant,v.E. I. DU PONT DE NEMOURS AND COMPANY et al. No. 55. Argued Feb. 20, 21, 1961. Decided May 22, [Syllabus from pages 316-317 intentionally omitted] Mr. John F. Davis, Washington, D.C., for appellant. Hugh B. Cox, New York City, appellee, E. du Pont de Nemours and co. Robert L. Stern, Chicago, Ill., General Motors Corp. Wilkie Bushby, appellees, Christiana Securities Co. Delaware Realty Investment Justice BRENNAN delivered the opinion of Court. 1 The United States filed this action in 1949 District Court Northern Illinois. complaint alleged that ownership use by appellee & approximately 23 percent voting common stock Corporation was a violation sections 2 Sherman Act, 15 U.S.C. §§ 1, 2, U.S.C.A. section 7 Clayton § 18, 18. After trial, dismissed complaint. D.C.N.D.Ill.1954, 126 F.Supp. 235. On Government's appeal, we reversed. We held Pont's acquisition had led to insulation free competition most market automobile finishes fabrics, with resultant likelihood, at time suit, creation monopoly line commerce, and, accordingly, violated Act. v. Co., 1957, 353 586, 77 872, 885, 1057.1 did not, however, determine what equitable relief necessary public interest. Instead, observed '(t)he Courts * are clothed 'with large discretion model their judgments fit exigencies particular case.' International Salt States, 332 392, 400—401, 68 12, 17, 92 L.Ed. 20,' remanded cause 'for determination, after further hearing, appropriate interest eliminate effects offensive statute.' 607—608, page 885. remand, invited Government submit plan which its would be effective remedy violation. court also appointed two amici curiae represent interests shareholders, respectively, whom, course, not been made parties litigation. submitted proposed relief. That included diverse forms injunctive relief, but principal feature requirement within 10 years company completely divest itself 63 million shares. about two-thirds these shares distributed pro rata generality shareholders form dividends over 10-year period. other one-third holdings—stock have gone appellees Company Company, holding companies long identified family itself—weret o go court-appointed trustee, sold gradually same Du objected complete divestiture entailed harsh income-tax consequences stockholders if adopted, threaten seriously depress value stock. therefore own designed avoid results. slient substitution partial so-called 'pass through' rights, whereby retain all attributes stock, including right receive share assets on liquidation, except vote. vote 'passed proportionally holdings shares, votes allocable them shareholders. plans compliance, substantially equivalent plan. amicus representing addition program 'take-downs,' allowed exchange new class 'Special Common,' plus Pont-held 3 several weeks hearings. evidence taken hearings, largely expert witnesses, fills some 3,000 record before us, together numerous financial charts tables received as exhibits, bears mainly competition-restoring effect proposals, rather proposal more, less, serious tax owners concluded although '* there is no need resolve conflict how severe those be(, t)he persuaded beyond any doubt judgment kind very adverse consequences.' D.C.N.D.Ill.1959, 177 42. reason rejected adopted proposal, significant modifications. example, so limited neither Christiana, Delaware, nor officers directors (plus resident members latter's families), should able stock; or directors, Pont, families companies, were sterilized, voted one. forbidden acquire additional might preferential discriminatory trade relations contracts each other. No officer director serve an Motors. Nor nominate propose person director, seek way influence choice persons fill posts. without provision ordering decree, otherwise satisfactory, inadequate redress antitrust violation, appeal here under Expediting 29, 29. noted probable jurisdiction. 1960, 362 986, 80 1075, 4 1020. A threshold question—and one which, subsidiary, important—concerns scope our review Court's discharge duty delegated formulate decree. In u r former alluded 'large discretion' matters cases. Many opinions such cases observe '(t) he formulation decrees left trial *,' Maryland Virginia Milk Producers Ass'n 458, 473, 847, 856, 880; '(i)n framing cases, range rests judge,' Besser Mfg. 1952, 343 444, 449, 72 838, 841, 96 1063; determination decree accomplish purpose peculiarly responsibility court,' Gypsum 1950, 340 76, 89, 71 160, 169, 95 89; take place than Appellate Courts,' 1947, 400, 20. has occasion said will upheld absence showing abuse discretion. See, e.g., supra, 856; W. T. Grant 1953, 345 629, 634, 73 894, 898, 97 1303; Timken Roller Bearing 1951, 341 593, 971, 1199;2 National Lead 319, 334—335, 67 1634, 1640—1641, 91 2077; Crescent Amusement 1944, 323 173, 185, 65 254, 260, 89 160.3 These expressions understood imply narrow remedies fashioned contrary, practice, particularly direct single judge, examine closely satisfy ourselves proved. 'The granted case brought thus by-passing usual appellate review, always careful scrutiny Though records usually voluminous exceedingly burdensome, painstakingly undertaken it make certain justice done.' Boxing Club 1959, 358 242, 253, 79 245, 252, 270; see id., 263, 256 (dissenting opinion). clear formulated 'subject only reversal gross abuse. Rather felt obligation intervene phase when inappropriate provisions decree.' 169. 5 sum, assign initially fashion remedy, recognize while accord due regard respect conclusion Court, sure effectively proved violations laws. proper disposition obviously great importance, remedial phase, more often crucial. For suit futile exercise proves fails secure adequate it. 'A served civil suits they pry open closed defendants' illegal restraints. If accomplishes less that, won lawsuit lost cause.' 401, 17. Our practice reflects situation created congressional authorization, Act,4 judge. Congress deliberately away shield intermediate Appeals, us alone affording his determination.5 This circumstance imposes special burden upon for, Roberts unthinkable entrusted enforcement statute far-reaching importance denied him,' Hartford-Empire 1945, 324 570, 571, 815, 817, 1198, clarifying 386, 373, 322. principles require close examination action. But necessity appears light considerations. First all, obedience sent down court's dismissal plenary power whether scrupulously fully carried out. Chief Taft, speaking Continental Ins. 1922, 259 156, 166, 42 540, 543, 66 871, 'We formulating compliance announced reversal, gives power, where attempted attention, follows opinion.'6 Secondly, concerned ef ects divestiture. primary focus inquiry, shall show, question required tendency condemned 7. remembered actual towards monopoly. reasonably assures elimination tendency. Does ancillary give assure relief? Little crucial question. findings possible relied justify rejection hardly material assistance reaching central issue. persuades decreed leaves inadequately protected, derelict correct error. 8 Before adequacy general considerations concerning drastic, effective, remedies—divestiture. key whole course discovery measures restore competition. authorized proceedings punish violators, must punitive. courts authorized, indeed required, violations, whatever private interests. Divestiture protect sustained against attack similar successfully below, said, 189 U.S., 262 S.Ct.: 'It inequitable income wise, exceed reasonable prevention future Those who violate Act may reap benefits undoing unlawful project plea hardship inconvenience.'7 9 concludes element cannot latter because economic hardship, however severe, result. Economic can among remedies. chosen saved entail consequences. proposition novel; deeply rooted law never challenged.8 criteria earliest American Tobacco 1911, 221 U.S 106, 31 632, 650, 55 663, said: 'In considering subject three dominant influences guide action: 1. giving efficacious prohibitions statute; accomplishing result little injury public; 3, vast property become vested many either securities combination guilty knowledge intent actors participants wrongs find inspired dominated beginning.' 11 despite involved, dissolution ordered dissolution. Plainly, consider third criterion. 12 Thus, case, found concomitants save through rights if, though harsh, remedy. do think believe entitled directing 13 It gainsaid acquisitions 7.9 specific 'narrowly directed,'10 Standard Oil California Stations 1949, 337 293, 312, 69 1051, 1061, 93 1371, outlaws control tend create commerce. words suggest natural traditionally whose heart intercorporate control,11 immediately particularizes standard illegality, involved. Of few litigated12 reported, matter course.13 called important remedies.14 simple, relatively easy administer, sure. forefront mind found. 14 does seem promise Under shareholders—upwards 40 Common sense tells arrangement assurance community law. ipso facto voters. induce favor first appeal. true, insist, much block. And true combine together, information Motors' activities detailed enough enable strategically done. arguments misconceive nature proceeding. show novo vote, like Aluminum America, D.C.S.D.N.Y.1950, 333, 346. appear entered substantial likelihood satisfactorily eliminated. assume, contrary human experience, self-interest. Moreover, management, accustomed relationship,15 know relationship continues degree, well act accordingly. competitors. They try vigorously break hold business, ordered. finally, dissipated. sell shares; expressly '(t)here nothing prevent dispositions.' 41. Such sale presumably separated owned transfer could conceivably used products. What Union Pacific R. 1913, 226 470, 477, 33 162, 165, 57 306, applies here: 'So far consistent equity, dealing combinations, conserve wise sacrifice object statute. faithfully executed, permitted substance effect, amounts restoring terminate.' replies, inter alia, willing disenfranchised, suggestion, presented distinctly afterthought. suggestion disenfranchisement retains hazards inherent permanent loss separation corporate control, run directly counter accepted democracy, reduce number thereby making easier owner block below absolute majority obtain working perhaps creating problems both Department future. reluctant drastic change capital structure, established state corporation 16 Appellees argue supplementary adequately remove objections effectiveness through.' enjoined, influencing entering into And, IX reapply prove inadequate. Presumably depend cumbersome time-consuming Should thought occur, initiating contempt proving preponderance committed.16 would, judging history litigation, obtain. injunction cover advance fashions improper manifest itself. policing probably involve regulation affairs administration simple order divestiture.17 surer, cleaner follow even doubt. settled once borne considerable establishing law, doubts resolved favor.18 17 Since framed around divestiture, since Motors, c quiesced basis, pass vacate entirety VI enjoining exercising hearing heard. renew, decision instance, grant them. 18 believe, already protracted litigation soon possible. To end receipt enter requiring file 60 days providing commence 90 days, completed years, date judgment, file, 30 service amendments alternative precedence calendar. 19 extent affirmed, vacated opinion. 20 Judgment, proceedings. 21 CLARK HARLAN took part consideration case. 22 FRANKFURTER, whom WHITTAKER STEWART join, dissenting. 1057, continued twenty-three constituted Act.1 now terms Illinois, district judge discharged duties assigned him, underlying elements decision: (1) say finding 7? (2) guided fashioning decree? (3) laid Courts, laws, here? 24 As described it, 'primary issue' related 'whether commanding position supplier automotive fabrics achieved competitive merit alone, consequent intercompany relationship, competition, commerce.' 588—589, 875. asked context facts. 25 transaction out arose during period 1917—1919, 'colossus giant industry' absorbed 'upwards two-fifths total sales vehicles Nation' 1938 1955. 1955 ranked second industrial corporations. Purchases ran millions dollars annually preceding institution 1949. supplied sixty-seven requirements 1946 sixty-eight 1947. figures fifty-two three-tenths thirty-eight five-tenths respectively. 26 'commanding supplier' until fraction At purchase, actively seeking markets nitrocellulose, artificial leather, celluloid, rubber-coated goods, paints varnishes manufacturers. Leading executives 1917 1918 indicated belief 27 'This background acquisition, plain implications contemporaneous documents, destroys basis purchase 'solely investment.' growing bear achieve primacy finishes.' 602, 882. 28 official became vice president set maximizing market. Lines communications between Products promoted. Within various manufactured items filling entire four seven eight operating divisions. Fisher Body division, controlled brothers trust followed independent 1947 1948 'resistance collapsed' purchases 'compared favorably' Competitors came higher percentages business later 'likely' trend stemmed 'at least part' needs outstripping capacity. 29 fact sticks bulk production largest customer industry connected inference overwhelming promoted gained solely merit.' 605, 883. agreed 'that price, quality overlooked Motors.' 606, 884. However, determined factor, 'the high executive posts acted honorably fairly, honest conviction actions best design overreach anyone, competitors,' 607, 884, outweighed claim claim, 235, Act.2 lattr proscribe contract, combination, conspiracy restraint interstate foreign trade, monopolization of, attempts, conspiracies monopolize, trade. put side allegations.3 rested 7, reads pertinent part: '(N)o engaged commerce acquire, indirectly, another lessen acquired restrain community, 32 apply corporations purchasing investment using bring about, attempting lessening *.' explained opinion: 34 'Section arrest incipiency competing corporation, restraints monopolies relevant probability, likely corporation. monopolies, occurred intended. *' 589, 35 attempt monopolize excluded decision. Indeed, noted, proceeded assumption involved dealings 'honorably fairly' exercised deemed companies. This, bar preeminent Motors; products 'line commerce' meaning Act; substantial; endangered concerns: 36 statutory policy fostering furthered advantage competitors customer's repeat, test whether, probability inescapable acquisition. 37 conclusion, sole guidance given discharging task committed this: 38 reversed decrees, modelt heir 20.' 39 brings II. July 1957. pretrial conference—held appoint procedure subsequent hearings—took September 25, outset, spokesman counsel preliminary discussions view arriving sides recommend court. along restrictions Pont-General relationship. Government, deeming suggestions inadequate, urged include Counsel views recommending program, stated desired, discussion profitable, prepared thirty days. 41 preference submission early date. previous magnitude complex issues readily abstract. schedule carrying October 63,000,000 equal annual distributions stockholders, dividend, ten years. major dealt specially again ten-year period, them, outright. If, trustee's 'reasonable conditions' prevail year, petition extension addition, Delaware; enjoined acquiring prohibited versa; terminate agreement provided specified percentage product, exclusive patent chemical maintenance joint commercial enterprise 43 motion curiae, directed ruling obtained Commissioner Internal Revenue federal 9, 1958, rulings. paid taxable ordinary duP ont's earnings profits. measure, purposes, dividend individual fair distribution. taxpaying measure lesser $2.09 per share. forced deposited gains rate. 44 counterproposal 14, 1958. turn, stockholders. having officer, employee anyone simultaneously approval. subscription 45 June 6, proposal. argued, severely hundreds thousands innocent investors, small trusts charitable institutions; decline values stocks, losses companies; tremendous volume hanging hamper efforts manufacturers raise equity capital; activity. comprehensively contended 'in interest' mandate 46 August plans, Pont's, contained passing ultimate spouses, people living households, persons, totally disenfranchised. Both officers, employees hand, Further, placed Amicus Dallstream, termed 'takedown,' 'du Special obtain, portion times suitable present common. different, respects favorable, plan.4 47 memorandum 26, suggested ways modified amelirate modifications discussed original 48 day, injunction, nominating prohibit minimum adopt delay. November ground failed irreparable immediate final distant, undesirable begin deciding piecemeal late 49 preliminaries recounted, commenced February 16, April 1959. twelve days; defendants presentation rebuttal evidence. Briefs 50 printed covers 3,340 pages. this, pertaining 2,380 An 543 contain exhibits. twenty-nine witnesses thirty-two amici. exhibits 193 nine Dallstream. mass bore principally disputes resort 51 attention being focused details insisted aim stood unamended detail. 52 'Mr. Reycraft (chief Government): *. 53 'I add obvious approved Assistant Attorney General, I am authority decisions make. 54 Court: my understanding then you standing started? Reycraft: right, sir. 56 Cox (counsel Pont): understand Reycraft's stands filed. come brief brand sometime, please outselves ask opportunity look that. 58 entirely character deviation 59 Cox: assume true. From assuming minor changes. 61 further, your Honor.'5 (Emphasis added throughout.) 62 Thus suggestions. comes parties. III. 64 disposing questions—ruling amenability violators enforcing court, holders suit—the defined issue it: 'Under Supreme frame probability' finishes. 595, 1057. Accordingly, problem devising guard exist.' 12—13. mandate, circumstances offer alternatives, exclude multiform stake truly bearing national economy holdings. mean outweigh dissipate unlawful. inflicting unnecessary 409, 322; 2077. oppressive visited unless shown facts results comply leave weigh judgment. 663. Compare 604, 1199.' 13—14. contention—that divestiture—was analysis reaffirmation possessed 'to introduced impact Extensive (much derived statistical survey soundly objectively conducted) pay taxes rate fifty sixty plant, payable amount $1,000,000,000 Motor $50 share, $770,000,000 $40 $200,000,000. variations levies. found, distribution employed dispose assumed $45 cost $588,044,000. consequence scheme types prices type testimony regular flow money coming dozen 'there convincing category buying effect.' 22. 70 relating academic professional analysts. statistics 'remotely approaching' 2,000,000 year attended purposes. admitted defer bankers price sold; testified past increase supply twenty associated declines fifteen percent; witness based drawn tables, demeanor stand deprived credibility; fourth witness' foundation factual offerings recent past. offerings—i.e., background, magnitude, timing duration—made dissimilar event depressing None evidence, gave countered variety Two experienced underwriters heavy lower twenty-five lieu cash worse standpoint; neighborhood estimated $1.50 $2 underwriting expense incurred trustee anyway, realize 'sufficiently reflect worth stock.' Several management difficulites allocating equitably trusts, they, others throughout country, Executives insurance predicted expressed intention buy concerns considerably reduced prices. concurred render financing highly uneconomic difficult accomplish. 74 appraised individuals affiliated Pont. broadest grouping named groups (sixty-five all) boards sit plan's 'pass-through' aggregate unclear cohesive votes, real questions, intended guarantee concerted precluded. 75 appraisal reached essential conclusions. sharing necessary. considered title stripped vital incidents ownership, 40. 'There evidence,' concluded, 'on finding.' 76 essence, therefore, sterile investment. notes connection Section excludes operation 'corporations otherwise' anti-competitive effects. There recognition instances carry recognizes opinion, referred hereafter circumstances, finds chief support, inference, possession bare legal representation Board possibility practices policies inconsistent SupremeC ourt.' 78 ledger? visit investors consequences, varying detail depending variation impair impose produced by-product accumulation enhancing greatly position. All anticompetitive unfair fear passed-through blood hands associates met precluding objection retention behalf provide incentive favoritism two, merely 'naked suggestion,' answered proof precautionary prohibitions, 'constitute discretion.' 49.6 IV. questions setting proceedings, summarized above, conclusions rejects statutorily direction equity? not. body authority, procedural substantive, guided. is, remember admonition decide concrete sharp applicability decrees. Any apparently applicable rule, abstractly stated, invoked applied. Care phrases relation on. 82 One principle comprehensive application. advised remanding 'are case." common-place,7 compelling importance. forget equity's function historic significance. transcendence doctrine derives effort dispense too frustrated. landmark sentences Hecht Bowles, 321 321, 329—330, 587, 591, 88 754, express chancellor: 83 hundred essence jurisdiction Chancellor mould necessities Flexibility rigidity distinguished qualities mercy practicality instrument nice adjustment reconciliation claims 84 indeed, characteristic flexibility history, makes greater demands ever before. transactions increasingly complex, multiply complicate dimensions. How reach inevitable mindful adapt familiar intricate, elusive, unfamiliar member recently 'Equity packaged goods machine age produces. uniform Steelworkers America 361 39, 62, 71, opinion).8 85 bound means contending conflicting judgment—in meet escape discretion—that area allowable Discretion precludes whimsy caprice. judicial equity. Where precedent tradition limitations chancellor's choice, confined below? Consideration authorities becomes 86 First, Court? Its overriding concern protection hear decisively welfare. account procedures, reflective conclusions, Parts II III establishes, submit, conformed requirement. Although passed doubtful strength, sterilized all. Again, support suggestion' constructed enterprises. deference conception duty' devise 13. 87 Did fail factor striking balance blameless interests? full warrant discretionary powers doing so. weighty apposite: otherwise, beginning. Jersey 78, 502, 523, 619, admonished undue on, rest, moreover fundamental purposes protect, destroy, property.' reiterated championing propriety, suggesting "it seemed amputate law." 544. Shoe Machinery 247 32, 46, 478, 968, labeled 'extreme, mildest demands' counseled 'If difficulties achievement deter; admonish holds divestiture.9 attend danger welfare arise extensive levy. apparent recognized relevance impact. statement legislation alleviate A. Bicks, Acting charge Antitrust Division Department, 'Bear mind, 1890 1914 Acts, basic statutes, reality. cases—dissolving via divestiture—were product era marked rates. concluding bench-mark today's rates prevailed.' Statement H.R. 7361 8126 House Committee Ways Means, Bulletin 557 (1959). remarks objective smooth towardo btaining case.10 challenged prior initiation force enhanced. uncondemned successive administrations remotely hint estoppel belatedly established, correction misconduct avoidance. maintain recognized, altogether Court—even incumbent it—to 'account done time—the spent, developments made, enterprises undertaken, investments ignored.' Steel Corp., 251 417, 453, 299, 343. 94 short, factors influenced scrutiny. still inquire appraising variables determinations reviewed reviewing adjudicating arising sweeping laws differentiates statutes. 'As charter freedom,' wrote Hughes (Sherman) adaptability comparable desirable constitutional provisions.' Appalachian Coals, Inc., 288 344, 359—360, 471, 474, 825. Act's prohibition 'where competition.' Stat. 730, 731. Correspondingly broad move outlawry. Far-reaching charged judged responsibility. anti-trust field accorded, consent, branch enacted given, keep, field, freely altered interpretation substantive provisions, habit proceeding surgical ruthlessness commend workable aiming realization social, political, advantages dispersal power.' 110 295, 348 (a affirmed 347 521, 699, 98 910). Partly views, General's Study Laws recommended 'not penalty,' litigation,' disruption public, customers, account. Report (1955), pp. 355 356. fairly 'impose penalties guise preventing violations,' 385, available satisfied 603, 977, 1199 (concurring opinion); sanction wrongdoing, 977 opinion), 77, 522, 619. Add sound distinguishing palpably activity conduct arguably permissible, former. See Federal Trade Comm. 352 419, 429, 509, 438; 89—90, 169—170, 89. pronounced duly heeded salient attitude argument, Gypsum, supra,11 was, least, doubt, blame imputed defendants. approaches statute, notwithstanding believed permissible made.' 14. 99 urges, normal contention safest i.e., surest results, be, preferred exceptional Support decreed. calls 100 objectives Schine Chain Theatres, 334 110, 128—129, 947, 957, 1245: 101 'Divestiture conditions violations. serves functions: puts deprives conspiracy. up impotent violates *.'12 102 tripartite summarizes rulings source modern erstate petroleum products, offended lodge subsidiary manage throttle here. Coming acknowledging 'ordinarily' repetition activity, aggrandizement stiffer measures: 'But condition itself, monopolization, enforce requires application broader controlling remedies.' 523. added.) Recognition need—that connections call severance persistence constitute laws—has steadfastly adhered to. 'Dissolution violation.' 189, 262, 160. intervening situations similarly demanded relief.13 103 rationale—depriving 'of conspiracy'—is equally established. picture exhibitors combined favorable licensing films, independents driven theater developed towns. Each exhibitor defendant affiliates. 104 'Those inconvenience. affiliates fruits conspiracy.' 262.14 105 divestitur Act.' role meeting spelled case: 106 'Common instruments bringing unity effective. affiliation continues, tempting continue independents. proclivity warrants 189—190, 262. 107 These, then, justifiable bases explain define relies. Do invalidate refusal overruling uncalled for? 108 notion existence constitutes detain us. questioned merits clear, stockholding such.15 sure, ended termination just surely unlawfulness tendentious harmful 109 depriving While tool accomplishment certainly fruit fruit—the benefit—of another. Effective precisely elaborate devised desideratum—vitiating power—is literally situation, refused dismissal. 588, note 5, criterion desirability avoiding every potentiality compulsion argumentative preclude restraints, 'impotent,' language fears evoked Schine, deliberate aimed destruction point past, blatantly scheme. Reading 253 59, S.Ct.4 433, 760. Instead restraints,' explicitly ruled case—'without competitors.' 111 Even voiced 190, sustained, overturned, infer unwarranted assumption. draws faintly resemble offense movie Crescent. When powerful James J. Hill Pierpont Morgan coalesce parent Great Railways, 197, 436, 679; positions empires, 663; rail carriers transportation anthracite coal destroy potential competitor, 324, 90, 243, demand surgery divestiture—destruction offending combinations. treatment conscious determining wrong judicially treat flagrantly different same. Surely shaping punishment crime, precincts Mikado's palace. 112 grounds canvassed furnish restated. draft novo. sift detail, appraise extended session session, day day. (A Part abundantly shows credibility testimony, painstaking process complicated ultimately decree.) partake governance vastly unique circumstances. By nature, tribunal, lacks means—the facilities evolve this. reasons back quoting (353 608, 885), limitation, guidelines earlier 113 Courts. invested cs e.' 20.16 114 tell him choices him. his, straying outside 160; 600—601, 975—976, 1199. sustaining Lorain Journal 342 143, 181, 188, upholding simply remains below.' original.) Certainly ought reverse carefully wrought conscientious amounting almost demonstration exceeded limits reposed him.17 115 wanting procedure, owed receive. when, comprehensiveness issues, evident diligence searching competence reflected hearing—and care expounding demonstrate deep awareness h ich discretion,' justified misconception governing want pronouncements defects inadequacies impressively disproved record. 116 abided teachings forgot one, namely, proven 170, carries pointed specifically applied nevertheless regardless respective Yet responsive urging, record, chose sterilize Delaware. fact, requests respects. cooperative Motors,18 interlocking personnel,19 reopening clauses.20 117 extending limiting corollary. support. exploration properly draw Associated Press 326 1416, 1426, 2013. unhesitatingly courts, supporting findings. 418, 1245; Paramount Pictures, 131, 170—174, 915, 935—937, 1260; 353, 357—358, 308, 394. mixed virtually impossible develop stage ties interest, severed barren justification Conversely, onerous danger, dic retion firsthand overturning founded displace fact-finder. 118 suggests possibly, 'exceptional' suffice, be? Is really tenable ordinary, conventional, run-of-the-mill case? 119 began World War progress. openly decades instituted challenge validity During expanded thousand thousands. increased. changed. knit network So findings, work unjustifiable wholly power. precedents permitted, inferences lay discretion, private, proposed, (4) ample conclude (5) reasoning distinguishable problem, (6) abused disregarding guides decision, review. face upset 120 lies excitation colossi calm Insofar yields fear, strange, illegality corrective Not advanced originally elicited limitation decree-fashioning remitted spoken prophetic confidence tried practice. Neither adduced molding aside improbability safeguarding allow maturely schm e protecting 'surgical ruthlessness' proceed, based, willingness averted dislocation. 121 Reversal 'judgment speculation,' irreversible whereas door experience,' Tanner Little, 240 369, 379, 384, 691, clauses retaining modify changed Resort safety valve remedies, informed hindsight treacherous conjecture. enunciated 122 retained jurisdiction, 'enabling orders directions construction judgment' amendment, modification good strike paragraph hypothetical purposely arises. evidentiary wisdom decisions.21 Why boils unsubstantiated assertion tie gravely jeopardizes play forces. circumspection exists will, undefined way, asked, Alice's Wonderland rule 'Sentence first, verdict after.' 123 dispel disturbance procedures data obligations instruction—to discretion'—given affirmed. sufficed 588 spite written enhance judge's 260. 823, amended, expedite allowing Circuit (now District) judges filing certificate 28, (no case), composed judges, obligatory moved 'far-reaching (the) Cong.Rec. 1679 (remarks Senator Fairbanks, 4, 1903). H.R.Rep. 3020, 57th Cong., 2d Sess., (1903). Appeals prevented 1943, 320 708, 73, 415 (noting quorum Court). keep going unreviewed, 1317, 78th Sess. (1944), 272, pursuant certified 322 716, 1281, 1557, Cir., 148 F.2d 416. 1948, 258, 1035, 1351. modes estopped urging plainly, Insurance, stipulation circumscribe Bills Eighty-sixth ameliorate gain Hearings S. 200 Senate Finance, 86th 1st (1959); 1128, Corn Refining D.C.S.D.N.Y.1916, 234 964, 1018, appellant 1919, 249 621, 291, 805; C.C.D.Del.1911, 188 127, 153, D.C.D.Del.1921, 273 869; re Crown Zellerbach CCH Reg.Rep.1957 1958 26,923, p. 36,462 (F.T.C.1958). reject argument Commission administrative agencies 11, whenever acting limited, decide, restricted explicit terms, strong indication intent. 329, 587. actually 1904, 502; 1912, 61, 53, 124, 306; 228 158, 779; 1920, 425, 760, remand 871; Lehigh Valley 254 255, 104, 253; Southern 214, 496, 907; 322, clarified 1198; Inc. Lake Shore M.S.R. D.C.S.D.Ohio 203 1916, 281 1007; Harvester D.C.D.Minn.1914, 214 987, D.C.D.Minn.1926, 827 1927, 274 693, 748, 1302; Eastman Kodak D.C.W.D.N.Y.1915, D.C.W.D.N.Y.1916, 230 1921, 255 578, 795; Minnesota Mining D.C.D.Mass.1950, D.C.D.Mass.1951, 356; Imperial Chemical Indus., Ltd., D.C.S.D.N.Y.1951, 504, D.C.S.D.N.Y.1952, 215. 'dissolution' 'divorcement' instead 'divestiture.' treated degree interchangeable, Hale Hale, Market Power: Size Shape 370 (1958); Adams, Dissolution, Divorcement, Divestiture: Pyrrhic Victories Antitrust, Ind.L.J. (1951). rely consent granting short surrounding negotiated agreements persuasively cited context. Comm., 284 certiorari 1923, 261 616, 362, 828, denied, 1924, 299 361. England Fish Exchange, D.C.D.Mass.1919, 258 732, D.C.D.Mass.1923, 292 511, reliance, exception. asserts (not stock) corporations' illegal. exception Crystl Sugar Cuban-American D.C.S.D.N.Y.1957, 152 387, defendant's 524. somewhat diminished plaintiff, vel non. 400—401 16. op cit., 370. significance habit, North Exchange 1946, 327 686, 785, 790, 945; Unt ed 215, 236—237; Douglas, Democracy Finance (1940). Refinding Ala.L.Rev. 220—221 Note, Col.L.Rev. 420, 430 (1956) ('contempt citations poor method *'); Berge, Some Problems Enforcement Laws, Mich.L.Rev. 462, 469 op. 379. Bausch Lomb Optical 707, 726, 805, 1024; Local 167 Brotherhood Teamsters, etc. 1934, 291 396, 399, 804. Cf. William Warner Eli Lilly 265 526, 532, 615, 618, 1161 (same litigation). 731, (1946 ed.) enactment 1950 inapplicable acquisitions. 1125, 209, 2. 875, 5. Dallstream's recommendations, 9—10. Transcript Proceedings, March 31, summary follows. other, employees. restrained compelled terminate, (with provisos), grants restrained, venture knowingly stock-holding deal restriction reside household stoc. (subject paragraph), notification proxy machinery effectuate outlined. Provision appointment monitor procedures. separate preserved party (such advent legislative relief) families, consents securing inspections interviews privileges cause. 20; 449—450, 841—842, York, 251, 270. see, McClintock, Equity (2d ed. 1948), 30: greatest parties; performance conditions, experiment purpose, negative positive Pomeroy, Jurisprudence (5th 1941), 109: 'Equitable flexibility, unlimited variety, rules govern use. limit application; changing parties.' Terminal Ass'n, 224 383, 507, 810; Can 1019; Lakes Towing 208 733; 217 656. Bicks repeated reference pending Bulletin, 561, n. 562, 8, 567, recur engendered Sess.; 348. 356, 357. continuance wrongful conduct, deprive wrongdoers anew 619; 124; 760; 907. sustains classification. list 270, "The evil" "was Wirtz Norris caused joining Madison Square Garden." 256, 253. additionally, settled. 280 297—298, 91, 431. prescribed plainly suggest, evils supposed 'Mere forbidden; deals say, injuriously affect 2013; 162; 880. 1198. says 'inappropriate.' agree formed preface: affirmative normally exceeds court.' 'it him.' 817. words, reading bear, objectionable, read authorize marks aberration Whatever deserved, deserves none now, uniformly supra. Article V X IV XIII Sections XII 22—23, 1425—1426, (opinion Reed); 157, 857,

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