Legal Document

384 U.S. 597 86 Supreme Court Reporter 1738 16 United States Reports Lawyer’s Edition 2d Series KF101.8 U54 802 FEDERAL TRADE COMMISSION, Petitioner,v.DEAN FOODS COMPANY et al. Number 970. Argued March 28, 1966. Decided June 13, [Syllabus from pages 597-598 intentionally omitted] Solicitor General Thurgood Marshall for petitioner. Hammond E. Chaffetz, Washington, D.C., respondents. Mr. Justice CLARK delivered the opinion of Court. 1 At issue here is power Appeals under All Writs Act, 28 Code KF62 § 1651(a) (1964 ed.), to temporarily enjoin consummation a merger that attack before Federal Trade Commission as violative 7 Clayton amended, 64 Statutes-at-Large 1125, 15 18 ed.). This case arose on application temporary restraining order and preliminary injunction against respondents Dean Foods Company Bowman Dairy maintain states quo until determined legality their merger. The alleged it had issued complaint Act 5 38 719, 52 111, 45 facts underlying 'it probable will enter an finding violation these laws.' petition stated there was 'compelling' need relief since 'acquisition itself split in two—Dean acquire fixed assets, receivables good will; retain all cash, government other marketable securities, some real estate investments' distribution its stockholders.1 In addition, planned dispose most Bowman's retail milk routes, certain plants equipment, consolidate remaining assets. thus argued if were allowed be completed, 'Bowman entity no longer exist,' 'will 'extremely difficult very probably impossible" restore 'a viable independent' company subsequently ruled illegal. words, agreement would 'prevent devising, or render extremely devise, any effective remedy after decision merits.' As grounds issuance extraordinary writ, asserted 'will, effect, deprived appellate jurisdiction (over final orders) opportunity meaningful own respect this acquisition, res custodia legis Bowman—will have vanished.' 2 entered respondents, prayed. On hearing injunction, however, dissolved dismissed reasons 'no cease desist has been by relative subject matter at bar * we now hold did not authority institute proceeding court *.' judgment supported refusal grant request reference fact that: 3 'in 84th Congress 89th bills sponsored said introduced, which enacted into law conferred upon such attempting exercise court, but measures provided otherwise bestowing Commission.' 356 Reporter, 2nd 481, 482. 4 A few hours January 19, 1966, contract closed acquired legal title operating Upon behalf Commission, Clark, consulting members Court, 24, making material changes with corporate structure assets purchased. might sell home delivery routes terms conditions acceptable supplied purchasers must continue label former plants. We granted certiorari February 18, 383 901, 716, 844, expedited consideration case. conclude erred reverse judgment. I. Since comes us dismissal jurisdictional take allegations Commission's true. detail further than say substantial competitors sale packaged Chicago area, one largest markets milk. November 2, 1965, attorneys met representatives discuss proposal purchase name, customer supplier lists together benefit relationships, various situated area. consequently doing dairy business there. It emphasized inquiry merely ascertain views staff secure formal advisory opinion. After investigation, December 3, advised Dean's counsel believed acquisition raise serious questions antitrust laws, basis existing information recommend consummated. meetings, informed 14, signed. week later charging violated Act. 6 appears time third fourth distributor area; least second market; they enjoyed approximately 23% sales same while four companies 43% share thereof. Affidavits attached between 1954 1965 number sellers market declined 107 57, months prior filing more firms eliminated acquisitions. From statistics concluded effect substantially lessen competition. place margin summation complaint.2 II. 1651(a), empowers federal courts 'issue writs necessary appropriate aid respective jurisdictions agreeable usages principles law.' 'is nature jurisidiction' where directed inferior Ex parte Crane, Pet. 190, 193, 8 L.Ed. 92 (1832) (Marshall, C.J.), extends potential appeal then pending may perfected. Cf. Bradstreet, 634, 810 (1833) C.J.). These holdings Chief are elaborated long line cases, including McClellan versus Carland, 217 268, 30 501, 54 762 (1910), Day held: '(w)e think true rule within higher writ isse defeated 280, 504. And Roche Evaporated Milk Assn., 319 21, 63 938, 87 1185 (1943), Stone confined already those cases although perfected.' 25, 941. Likewise, decisions 'have recognized limited judicial preserve court's status review agency's action through prescribed statutory channels. Such deemed incidental courts' agency Arrow Transp. Southern R. Co., 372 658, 671, n. 22, 83 984, 10 (1963). There cited Scripps-Howard Radio, Incorporated Communications Comm'n, 316 4, 62 875, 1229 (1942); West India Fruit & S.S. Seatrain Lines, Inc., 170 775 (C.A.2d Cir. 1948); Board Governors Reserve System Transamerica Corp., 184 311 (C.A.9th Cir.), cert. denied, 340 883, 71 197, 95 641 (1950). Section 11(c) 73 243, 21(c), gives exclusive orders illegal mergers, '(a)ny person required violation,' appeals 'for circuit occurred resides carries business.' includes traditional injunctions administrative proceedings progress prevent impairment jurisdiction. Continental Ill. Nat. Bank Trust Chicago, R.I. P.R. 294 648, 675, 55 595, 605, 79 1110 (1935). recent involving similar dispositive issue. Whitney Jefferson Parish New Orleans, 379 411, 85 551, 13 386 (1965), raised question whether holding 'lawfully entitled' operate subsidiary banks Louisiana, held should first instance Board. reconsider initial approval plan light intervening Louisiana statute, so gave parties, who sought Board's Fifth Circuit, move remanded noted 'to protect determination matter,' 415, 555, empowered stay 'the disposition proceeding.' 425, 560. response argument sufficient because Comptroller Currency nonetheless intended certificate bank, find direct opening ample do so' applicants themselves. 426, analogous requested Commission.3 9 furnish precedent support preventing showing remedial order, once implemented, virtually impossible, rendering enforcement decree divestiture futile. III. insist, creature statute only functions delegated Congress, failed give express Act.4 But governmental entrusted, inter alia, granting cases. time, given action. stultify congressional purpose ask derived Act.5 Indeed, opinions Transportation necessarily standing agencies seek ensure review. Both referred supra, stayed See also Public Utilities commission Dist. Col. Capital Transit 94 U.S.App.D.C. 140, 214 242 (1954), 775, 779 1948). explicit appear proceedings, contended cannot defend orders. Nor ever could bring contempt actions when violated, though respect. ancillary powers always treated essential discharge responsibilities. 11 remembered derive predecessors dating back Judiciary 1789. never restricted withdrawn inherent suitor jurisdiction.6 absence direction agency, charged protecting public interest, appeals, having orders, 12 Respondents point—as Appeals—to both Eighty-fourth Eighty-ninth Congresses proceed distrct Department can Act.7 Chairman Gwynne Dixon appeared measures,8 International Paper 241 1956), appeals.9 several Congressmen made statements regarding amendment.10 However, put relating accordance 1651(a). proposals concerned district purpose. neither nor rejected proposals; simply act them.11 Even had, legislation proposed whatever infer took thereby expressed intent circumscribe remedies. 11, 880, (1942). Wong Yang Sung McGrath, 339 33, 70 445, 616 (1950), apposite. Following adverse Eisler 77 F.Supp. 610 (D.D.C.1948), asked exempting Immigration Service Administrative Procedure 60 237, 1001 here, committees Houses reported favorably adjourned without taking insisted hearings deportation conform requirements his discussion legislative history, Jackson wrote unanimous 'we draw inference, urged petitioner, admits acting wrong construction seeking ratification Congress. policy requires feel free terminate avoid contentions litigations.' Page 47 U.S., 453 consistently refused construe requests resulting nonaction affirmative evidence authority.12 Thus, Du Pont De Nemours 353 586, 872, 1057 (1957), Brennan 14 'During 35 years brought (in 1949), Government invoke vertical section apply F.T.C., Report Corporate Mergers Acquisitions, 168 (1955), H.R. Doc. 169, 84 th Cong., 1st Sess. Also, House Committee considering 1950 revision '* thought (the 1914 Act) applies socalled horizontal mergers. *' Rep. 1191, 81st 11. adds, amendment purposed make clear bill types mergers acquisitions, conglomerate well (Emphasis added.) 'This duty reconcile interpretations broad policies laid down failure binding interpretation intend acquisitions come purview (1914) Act.' 590, 875. Despite representations sponsorship enlarge coverage, passage purpose, included inception, du divest interest Motors stock, 1915. 17 therefore 'proceedings' relevance us. short, attention leaving intact undiminished. circumstances alleged. earlier, true, pass issued. That decide remand, Reversed remanded. 19 FORTAS, whom HARLAN, STEWART WHITE, join, dissenting. 20 today decides entertain original applications restrain violate determine section. 21 deciding, determines Commission—an defined circumscribed powers—is authorized appeals; appals, injunctive relief. 22 supported. Not single sustains it, either specifically indirectly, principle analogy. No appropriately summoned Court's aid. plain, unmistakable defining threshold available behest. plainly explicitly vests violations courts, 'under Attorney General'—and Commission—to proceedings. 25 23 1956, persistently enact giving enjoin, alternatively, outcome proceeidngs. just so. 24 Beginning 37 introduced providing threshold, remedy. None enacted, despite unequivocal three chairmen served during presently bestows what withheld. indicating result unless 'stultify purpose' fly teeth record, written repeatedly reiterated. keenly interested 7. demonstrated over again arming it. created equipped quasi-judicial serve function quite distinct prosecutor litigant. urgent revise role function. empower suitable forum courts. obviously regards unsuitable resort forum—the appeals—for 26 Executive Branch Government, passed point proceeded premise relief.1 N Dec. Nationality Decisions found commentator much-discussed field suggested authority, none briefs parties.2 27 assume majority motivated desire lend assistance administration However commendable motivation general, entirely misdirected. Indulgence generous spirit ujustifiably burdens fact—finding unable perform; disrupts division Justice; deprives parties fair careful promised our law, economic needs Nation. contains specific comprehensive provisions. vacuum filled ingenuity. room improvisation. fully armed triple arsenal. Enforcement vested Justice, private persons claim injury litigants differently conceived. 29 manner set out meticulous detail. Whenever 'shall reason believe violating violated' 7, shall complaint. 'such General.' intervene proceeding. He hearing; testimony taken; 'make report writing'; compel respondent 'divest stock contrary provisions (§ 7).' 21(b) supplied.) obtain consequences meticulously hereinafter discussed. question—I submit outset different supplementary additional enforce 7.3 year adopted. supposed expert, agency. litigation arm except involved.4 deliver quick result, even emergencies. power, far concerned, carefully attorney 31 expressly authorizes allegedly unlawful makes litigants. Nowhere Commission. incredible suggest omission oversight error. design—and, suggest, rational design. 32 to—it not—make merits notice hearing. To sanction strike devastating blow fundamental theory prosecutorial adjudicatory based. s 5(c) 1946, 1004(c) 33 writing report, judgment: 'reason believe' being violated. must—without side, ordinarily staff's recommendation, based exposure facts—file affidavits produce calculated demonstrating effects halted limine. fact, realism, positions establish, positiveness overcome strenuous opposition, tend competition create danger monopoly, harmful economy, immediately threatening consequences, unlawful. conclusions, staff. Their assertion stout advocacy mockery subsequent objectively consider issues solely record. 34 design decide, powerful so, General. business—his type deliberately withheld business. expert deliberately, bringing bear complex problems merger, experience emerge factual inquiry, formulation report. gun,5 carbon copy Justice.6 steadily acknowledged spokesmen leading officials FTC Appendix opinion, refer acknowledgments describe unsuccessful oft-repeated efforts successfully obtained Court.7 36 enjoined pendente lite; relief, permanent, court—trial appellate; turned deaf ear power. fiat do—upon determining 'reasonable cause complaint, hearing, order. If exigencies require, court.8 consummated, should, warranted, enormous it: require offender capital, provisions' cliche doubtful truth situation omelette unscrambled. after—and sometimes after—the consummmated. See, e.g., Von's Grocery 270, 1478, 555 (decree six merger); El Paso Natural Gas 376 651, 1044, seven merger). Unscrambling difficult; justified view extra effort warranted interests securing hoped every deserves sudden death. many situations, pursuit bigness. distinctly beneficial achievement competitive economy.9 respectfully encourage machinegun approach vastly important problem. indulge caution deliberation. 'preliminary' complete often usually—means plans merge abandoned.10 beguile ourselves ignoring point. 'Preliminary' usually means final. permissible insist considered. phase Having satisfied injunctions, turns applications. finds Act: 'The established 39 is, my totally unjustified employment implementing designed authorize supply deficiencies procedure enable them effectively abused where, contorted confer why command vindicate issue, matter, claimed overwhelming. summary, are: 40 1. Until entered, jurisdiction, potential, implement. 41 2. By provision, Only party affected file does not, sole penalties 21(l).11 42 3. 'all writs' provision clearly instances appeals' filed target 43 4. supports conclusion. lends slightest support. 44 5. Exclusive person. 6. original, determinations prospective enjoined. burden task distort function; saddle load necessity twice passing challenged merger; deprive determinations. 46 exhaustive (an) commission' 21(c). attaches petition, ibid., becomes record 21(d). findings conclusive evidence. taken, remand Commission; Ibid. affirm, modify aside affirmed lite.' not—it not—contend They clearly, emphatically, pointedly contradict if, when, filed—not aggrieved person.12 When filed, 'plenary' implemented self-contained all-writs provision; exclusive. Prior entry potential. general jurisdictions.' charter used behest weapon enough; nothing expands meaning cover present situation. 48 cites prove perfected call play protective writs. obvious applied Each involved inaction trial mean adjudicated reviewed appeal. typical involves mandamus adjudication category Court.13 49 demonstrates correct error indicted price fixing. plea abatement fault authorization indictment. District plea. mandamus, reversed, reversed abatement, defeat adjudicate case, thereafter available. (per Stone) 'while remove obstacles appeal, substitute statute.' Id., 26, 1941. use confine lawful so.' committed issuing writ. 50 decisions, therefore, supporting precise contrary. demonstrate language employed of' jurisdiction—not vest ordinary course. Nothing sort resembling it—appears hearings, statute. requiring themselves even—although issue—require irretrievably disposed customers, etc., others recreate competitor, perhaps nonacquired assets.14 full, 51 availability connection provide First, refers 52. precisely contra conclusion here. 'brief informal' led tentative increase 'unreasonable,' ICC suspended respondent's rate instituted reasonableness increase. still maximum suspension expired. Petitioner sued decision. sustained denial injunction. Congress' vesting left latitude small shipper rate. Brennan, speaking observed, words applicable petitioner's effectiveness rates decision, prejudging prejudicing '(S)uch consideration,' he said, 'would hazard forbidden intrusion domain.' 670, S.Ct., 990. Correspondingly, unlikely world ultimate uninfluenced factors. tolerable result.15 characterizes 'dispositive' 'this issue.' National 386.16 indeed square anywhere near problem holds jurisdiction—its Board, Briefly stated, permitting Orleans bank company. duly pursuant Circuit. While pending, bearing Meanwhile, indicated new bank. Competing Columbia Comptroller. Circuit affirmed. latter certiorari. controversy enjoining Comptroller; mandate days reconsideration Circuit's beyond question,' id., 561—this following 53 accord governing Jurisdiction properly Of course, otherwise. statement 'analogous' disregard Whitney, taken attached. Whereas bluntly jurisdiction—without net simply, novel—totally novel. contravention careful, directions conflict office unsupported Roche, Transportation, supra. unwise places unwise, disruptive saddles fact-finding elaborate, undertake. facilities institutional aptitude particular halted. intensely fact—hotly controverted—turning factual-economic ascertainment 'line commerce,' 'section country' 421, 558. 56 Without burdened deciding questions. commands purposes chooses them. Brother Black joined Douglas 57 try records coming below. bad compelled interrupt delay pressing duties hear specially handle part daily work.' Barnett, 681, 724, 1029, (dissenting opinion). 58 Yet responsibility imposed restrained merits.17 Frequently, generally, 'temporarily' equivalent entering financial commercial commitments apt restrictive managerial flexibility dependent transient circumstances, maintained limbo wends leisurely way toward wearying Because discernible understandable tendency full case.18 59 Few simple summary treatment appropriate. Bethlehem Steel 157 877, 879 (summary denied), 576 (D.C.S.D.N.Y.1958) (merger hearing). risk great invite does, justice rough ready, least. hand, impel anomaly tolerated. easy, short resolve complexities litigation. White Motor States, 253, 696, 738, Government. inappropriate Government's charge territorial limitations. relied 'analogy leads had.' 263, 702. Douglas, J.) 'involving 'substantially competition" failing one,' rather normally necessary.' 264, Diebold, 369 654, 82 993, 176, paralleling 61 Similarly, La Buy Howes Leather 352 249, 309, 290, permit master. 'most complex,' 'an impelling regular, experienced judge' 259, 315. today, admittedly difficult, heard 'temporary' injunctions. facts, awareness complexity task, proper regard appeals. Apart invention creates, recognize interposition direction, process reiterated 'consideration,' adjudication, insistence 'primary jurisdiction' illustrates sensitivity 'Dismissal suits, superseded one, usual course.' Pan American World Airways 371 296, 313, 476, 487, 325; see Western Pac. r. 59, 161, 126; Far East Conference 342 570, 72 492, 96 576; Nav. Cunard 284 474, 247, 76 408. profound difficulties face reaching practical limits procedures, sharp disputes concerning so-called 'failing company' defense. about lose merged smaller bona fides 'interested' purchaser uncovered dispute. issues, other, factors determinative. get little comfort know patient die anesthesia effect. that, realistically, control length proceedings—whether last eight years, something between. contrast, seeks court. controls admonished 'as soon be, case.' 25. admonition, mitigate restraints effectuation unhappy position supervise predictably vain expedition, accepting 'preliminariness' destructive delays characteristic procedures. Kaysen Turner, Antitrust Policy 248—249 (1959). 65 today's represents radical surgery done precedent, reasons, superficial disruptive. condones encourages turn designated become 66 1914, duplicate agencies, unfair 'specialized knowledge judgment, continuity political independence, flexible procedures efficient methods—(hopefully) process.' Elman, Rulemaking Procedures FTC's Merger Law, 78 Harv.L.Rev. 385, 387 (1964). 67 Every conceivable enjoined, effectuated, incentive shop among statutorily great. This, repeat, change pattern ordered, profoundly undesirable national assessment tolerating liquidating 68 affirm 69 APPENDIX TO OPINION OF MR. JUSTICE DISSENTING. solicited 1956. submitted study containing proposals. observed 'A loophole Antimerger 7) lack enables or, consummation, completion Commission.'1 1955 applications.2 conducted others, chairman, John W. Gwynne, Courts relief.3 pessimistic prospects success noting finally get.'4 Senate Committees accepted view, FTC, lacked illegality, gap arsenal crippling 9424, contained authorizing Districts Courts. S.Rep. 2817, (1956); H.R.Rep. 1889, (1956).5 House, Senate. Similar sessions, less steadfast: consistently, lacks 1957, forwarded describing '(e)ven conclusive' earlier unreported First Third Circuits.6 Senate, characterized 'something forlorn hope.'7 Senator Kefauver, Chairman, him answered: 'No not. talked over. help agree frankly. amend law. replied, 'I you right it.'8 74 spokesman represent like able merger's legality. Paul Rand Dixon, committee participated Eighty-seventh 'It authority,' citing Paper.9 Leading Members Congress10 key Branch11 view. 75 Earl Kintner, explained directly 1960 intervened amicus curiae suit merger,12 paralleled inquiry. done, '(l)acking injunction.' Apologia Pro Vita Nostra, 1961 Law Symposium 38. authorization, succeeded intervention occasional suits reliance 'where peculiarly appropriate.' 41.13 Bowman, exception cash securities exempted agreement, transferred Dean. ceased operations acts investment fund, received invested proceeds sale. alleged: '(a) Actual Area prevented; '(b) Dean, major factor Area, eliminate another Area; '(c) Concentration increased deconcentration '(d) influence non-competitive behavior existed independent operation eliminated; '(e) contribute over-all trend concentration tending described (elsewhere complaint); '(f) emergence growth retarded, discouraged '(g) consuming public, throughout denied benefits open n milk.' traditionally framed form compulsory aimed parties. E.g., Application President Directors Georgetown College, 118 80, 331 1000, Jones 377 978, 1883, 746 Recent Cases, 1539, 1542 For proposition two cited. first, Humphrey's Executor 295 602, 869, 1611 (1935), Eastman Kodak 274 619, 623—625, 688, 689—690, 1238 (1927), apposite, repudiated. fashioning 'exercises Act,' and, laboratories purchase. Airways, 312—313, nn. 17—18, 486, 325 (1963), Gilbertville Trucking 115, 217, 177 (1962). especially interfere field. THE CHIEF Brown Shoe 370 294, 1502, 510 (1962), 'sought assure brake force (business concentration) gathered momentum.' 317—318, 1520. safeguard ability properties, frustrated. DOUGLAS Cresent Amusement 323 173, 185. 254, 261, 89 160 (1944): competing theatre terminates businesses purchased commonly impossible clock.' Here contemplates retained intention ultimately distribute stockholders. restrained, restoration competitor entered. unusual. shows inability unscramble frequently prevents divestiture. Ekco Products Reg.Rep. 16,879 (1964) (1963—1965 Transfer Binder), aff'd, 347 745 (C.A.7th 1965); Foremost Dairies, F.T.C. 944, modified per stipulation (C.A.5th 1965) (Docket 18,815). 242, 245 moving Columbia, clothed special matters involved.' 9424 S. 3341 3424, 1574, (1965). Hearings Subcommittee Judiciary, Sess., ser. 15, Monopoly 198, 721, 722 3479, 85th 42—45 (1958) (testimony Gwynne). 87th 5, Pages 85—86 (1961) Dixon). Farm Journal, (C.A.3d 1955) (unreported). men mention 1965), Commissionr Elman 'has authoritatively answered.' 21,905, 10. 156—157 Congressman Celler). (statement Patman). Helvering Hallock, 309 106, 120, 444, 451, 604 (1940), weight 'venture speculative unrealities.' Philadelphia Bank, 374 321, 348—349, 1715, 1733—1734, 915 1956); 1955). Matter Atlantic G. Spalding Bros., (F.T.C. Docket 6478), commitment alter save days' notice. 301 585 (C.,.a.3d 1962). 1950), 641. threatened entirely. (whose FTC's) opposition certiorari, disposing whose pre-1950 version construed Arrow-Hart Hegeman Electric 291 587, 532, 1007, 'oust (and to) Brief Opposition Corporation (Nos. 322 323, October Term, 8—9, 15. 339, 17, 1728, distinguished Paper, ground 'jurisdiction' Appeals—a conventional contrary, common lacking. 258 (1959); Duke, Scope Relief Under Col.L.Rev. 1192, 1206, (1963); Note, 391, 404 (1965); N.Y.U.L.Rev. 771 Comment, 1297 (1957). asserts, demonstration 'ancillary powers' inferred behalf, 'contempt respect.' errs. 'implied.' machinery procures compliance been, spelled 1959, impunity enforcement. Disobedience event review, proceed, (15 21), 2112 promulgate rules proceedings; see, 16. Fed.Rule Civ.Proc. 70. constituted convenient three-step process. Henry Broch 368 360, 365, 431, 434, 353; Ruberoid 343 470, 477—479, 800, 805—806, 1081. amended 1959. An expiration violates 21(g) (l)), civil up $5,000 violation. suggestion wholly statutory. implication. Cong.Rec.1963, 13047, 8977 (1914); Rublee, Original Plan Early History Acad.Pol.Sci.Proc. 666 (1925). Where provided—directing tribunal, 13(a) (Wheeler-Lea amendments), 53(a) ed.); 302 Food, Drug, Cosmetic 332 7(b) Wool Labeling 68e(b) 9(b) Fur 69g(b) 6(a) Flammable Fabrics 1195(a) Textile Fiber Identification 70f 387—388 declares materials irrelevant lite recourse emphasizes extreme device creates. plain answer, Its demonstrates, fortiori, suggests improper conclusions inaction. inference confirms (a) devising (b) consonant administering went belief unclear, doubts Compare Speers, 382 266, 275, 416—417, 314; 1057; 47—48, 452—453, 616. Here, doubt powers, clarification. admitted—it asserted—that (see confessedly have. once, repeatedly, period years. request. we. Fribourg Navig. Commissioner Internal Revenue, 272, 279—286, 862, 866—870, 751; Blau Lehman, 403, 412—413, 456—457, 403. Spokesmen 101—102 Dixon) (1961); 41. occasion technique obtaining segregate facilitate decreed. 585, 588 example, situations relatively creation enterprise capable unchallenged domination industry. 319, 1521, 510, therein 248 771, 772, therein. note certainty selected undertake cease-and-desist provides lie Seventh Sixth Eighth carry Governors, 206 163 1953), 346 225, 98 401, setting Ninth Circuit; 1962), enforcing unsuccessfully earlier. 92; 810; 762. excerpt McClellan, omits italicized portion: '(A) unauthorized below.' Aluminum America, 247 308, (D.C.E.D.Mo.1965), 12, 1, Reynolds Metals 114 223 op. cit. eschews fastens instead footnote 991, reserves 'decisions adds '(s)uch action, derogation oust manifested Interstate Commerce footnote. F.C.C., 1229, suspend, lodged, completed thoroughly Transamerica, footnote, 1110, progress, relates bankruptcy collateral pledged debtor. estimate endure seems unprecedentedly optimistic. lite, elapsed Pillsbury Mills, (FTC 6000) one-half years; Crown Zellerbach 296 800 1961), nearly unknown (1961). Ingersoll-Rand 218 530 (D.C.W.D.Pa.), 320 509 1963), five days. FMC 817 (D.C.N.D.Cal.), 321 534 (1963) (Goldberg, J., chambers). (1956). (unreported); (C.A.1st discussed H.R.Rep.No.486, 8—9 (1957); Gwynne), Celler) (1958). read: 'Whenever believe— '(1) corporation acquiring, '(2) thereof bond. Hearings, 29—30. 35. worded greater detail, substance proposal. Letter Celler, Hease 103 Hearing, 45. 87, session abandoned urging 88, 91. 59. 156—160; Patman, 9, 45; 46. President's Economic Report, 23, 51; Kennedy, May 1961, 58. Briggs Mfg. Crane 185 (D.C.E.D.Mich.), 280 747 (C.A.6th 1960). utilized plead 1962 16, 19—21.

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