SECURITIES AND EXCHANGE COMMISSION V. AMSTER & CO.
762 F. Supp. 604 (1991)
NATURE OF THE CASE: This was an action for violation of the Williams Act.
FACTS: Amster (D) was engaged in arbitrage and started buying shares in a company called
Graphic that publicly announced a liquidation. Eventually, D's shares in Graphic amounted to
a 5% interest and D was required to file a 13(D). By January 28, 1986 Graphic filed an S-1
in which it indicated that the announced liquidation might not go forward. This was bad news
for D. D's then eventually changed their 13(D) and decided to join a group engaged in a
proxy contest to obtain control of Graphic. The SEC claimed violation of 13(d)(1)(C).
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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