Du Pont-Christiana: Hearings Before the Committee on Finance, United States Senate, Eighty-ninth Congress, First Session, on Tax Aspects of Divestiture of General Motors Common Stock by E.I. Du Pont de Nemours & Co. and Christiana Securities Co., March 17 and 24, 1965U.S. Government Printing Office, 1965 - 173 pages |
Common terms and phrases
$470 million figure amount Antitrust Division asked basis bill capital gains tax CAPLIN Chairman Christiana common stock Christiana Securities Christiana shares Christiana stock COHEN Commissioner of Internal commitment condition CONGRESS THE LIBRARY corporation correct Counsel December 14 divest divestiture Du Pont family E. I. du Pont final judgment Greenewalt holders Internal Revenue Service issued KNIGHT lawyer legislation less than $85 LIBRARY OF CONGRESS matter mean price million shares minimum number modified Motors common stock Motors shares Motors stock number of shares October 18 offered or exchanged Paragraph Pont and Christiana Pont de Nemours Pont family Pont or Christiana Public Law pursuant question rata distribution record request respect revenue estimate ruling letter Secretary DILLON Senator ANDERSON Senator DOUGLAS Senator GORE Senator LONG Senator MORTON Senator SMATHERS Senator WILLIAMS shares of Christiana statement taxpayer tion Treasury Department U.S. Senate vote Wilmington Trust
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Page 114 - Branch of the plaintiff except in the course of legal proceedings to which the United States is a party for the purpose of securing compliance with this Final Judgment, or as otherwise required by law.
Page 118 - Jurisdiction is retained for the purpose of enabling any of the parties to this Final Judgment to apply to this Court at any time for such further orders and directions as may be necessary or appropriate for the construction or carrying out of this Final Judgment, or the modification or termination of any of the provisions thereof or for the enforcement of compliance therewith or for the punishment of violations thereof.
Page 21 - Motors' requirements for automotive finishes and fabrics. Similarly, the fact that all concerned in high executive posts in both companies acted honorably and fairly, each in the honest conviction that his actions were in the best interests of his own company and without any design to overreach anyone, including du Font's competitors, does not defeat the Government's right to relief.
Page 111 - Court for a determination after further hearing of the equitable relief necessary and appropriate in the public interest to eliminate the effects of the acquisition offensive to the statute. The District Courts, in the framing of equitable decrees, are clothed "with large discretion to model their judgments to fit the exigencies of the particular case.
Page 118 - Section shall be divulged by any representative of the Department of Justice to any person other than a duly authorized representative of the...
Page 112 - ... firms, that each set has three firms, that each firm is equal in size, and that the products of set A are competitive with, but differentiated from, the products of set B. If one of the firms in set A acquires the other two firms in its set, the government could challenge the acquisition under either Section 2 of the Sherman Act or Section 7 of the Clayton Act. If substitute products are included, as they presumably would be in a monopoly-power case, the firm has achieved a...
Page 21 - Justice tiled a complaint in an antitrust action against Du Pont. In 1957, after protracted litigation, the Supreme Court found that Du Font's ownership of 23 percent of the stock of General Motors was a violation of section 7 of the Clayton Act, since this ownership might enable Du Pont to prevent other suppliers of automotive paints and fabrics from selling to General Motors. The Court reached this conclusion although it believed...
Page 22 - Christiana's individual shareholders will receive the special "return of capital" treatment provided for in the bill, if Christiana should be ordered to distribute to them the stock received by it. However, Christiana will pay the additional tax whether or not a distribution by it is ordered. The amendments made by the bill provide only for distributions in court proceedings which were begun on or before January 1, 1959. Your committee has not yet reached a definite opinion as to what relief, if...
Page 12 - F. BYRD, Chairman, Committee on Finance, US Senate. DEAR MR. CHAIRMAN : This is in reply to your letter of September 20 asking for the Department of State's comments on Senate Resolution 149.
Page 20 - Nemours and Company, et al. (353 US 586 (1957) and 365 US 806 (1961)). Du Pont is a large chemical company engaged (among other things) in the manufacture of automotive paints and fabrics. It owns about 23 percent of the common stock of General Motors, nearly all of which it acquired about 40 years ago. General Motors is one of the largest users of automotive paints and fabrics in the country. In 1949 the Department of Justice filed a complaint in an antitrust action against Du Pont. In 1957, after...