Court Opinion

ID: 9444613
Source: CourtListenerOpinion
Date Created: 2023-08-03 21:06:12.14182+00
Date Added: 2024-06-11T17:29:55.923504
License: Public Domain

FRANK, Circuit Judge
(concurring).
I agree with all that Judge CLARK •says. However, while he may well not '.have intended to go beyond severely restricting the recent decision of this court in In re Transvision, Inc., 2 Cir., 217 F.2d 243, his opinion may perhaps be read as intending to overrule it. I think it desirable, therefore, to say that I am not ready to go that far, although, had I been sitting in the panel which decided that case, I would have dissented. I would say here merely that I think the rationale of the Transvision decision ..should be limited to a case where the facts are in most respects similar, i. e., a •case where (a) but a relatively small proportion of the securities is publicly held by a small number of investors, (b) none of the securities was listed on any exchange, (c) the assets do not exceed approximately $1,000,000, and (d) there are merely the faintest suspicions raising questions about the conduct of the management.