Court Opinion

ID: 9469434
Source: CourtListenerOpinion
Date Created: 2023-08-05 02:40:21.865008+00
Date Added: 2024-06-11T17:41:23.064530
License: Public Domain

WOOD, Circuit Judge,
dissenting in part.
It is for me a very close question, but I prefer the approach labeled and rejected by the majority as “realistic” even though it does have some shortcomings. Section 16(a) defines a beneficial owner as including a trustee of a trust for members of the “immediate family.” That, of course, ap*648plies to a different aspect of the insider problem, but I view it as at least a sparse clue as to what 16(b) may mean. I prefer to read 16(b) a little more broadly so as to include “immediate family” in its proscriptions. Therefore, I respectfully dissent on that issue, but I concur in the majority’s analysis of the pecuniary benefit issue.