April 19, 1954
ISADORE BLAU, A STOCKHOLDER OF THE TIDE WATER ASSOCIATED OIL COMPANY, SUING ON BEHALF OF HIMSELF AND ALL OTHER STOCKHOLDERS SIMILARLY SITUATED AND ON BEHALF OF AND IN THE RIGHT OF TIDE WATER ASSOCIATED OIL COMPANY
MISSION CORPORATION AND TIDE WATER ASSOCIATED OIL COMPANY.
Before CLARK, FRANK, and HINCKS, Circuit Judges.
Per Curiam: - On this petition for rehearing the court, after examining the respective contentions of the parties, reaffirms its opinion in the analysis and application there made of § 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p(b). See also Roberts v. Eaton, 2 Cir., April 5, 1954.
With respect to questions to be settled on the remand, the parties have divided sharply as to the value of the substantial block of Development stock received in the transfer and as to the expenses of the transfer, as by registration of the stock or otherwise. We think these issues should be resolved by the district court, and our direction for remand is modified to permit of hearing and findings anew on this issue. The value to be found is the market value of this block of Development stock; expenses are those actually incurred, and not mere possibilities such as might have been incurred had equivalent stock been sold in the market; and any award, if made, should bear interest from the time of sale.
The petition for rehearing is granted, and the opinion and decision is modified to the extent herein stated; in all other respects it is reaffirmed.
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