STUDY AND INVESTIGATION OF THE WORK, ACTIVITIES, PERSONNEL COMMISSIONERS JAMES M. LANDIS, Chairman GEORGE C. MATHEWS ROBERT E. HEALY J. D. Ross WILLIAM O. DOUGLAS FRANCIS P. BRASSOR, Secretary (II) 332.6 Un 34 rs v. I LETTER OF TRANSMITTAL SECURITIES AND EXCHANGE COMMISSION, SIR: I have the honor to transmit herewith another part of the Commission's study and investigation of the work, activities, personnel, and functions of protective and reorganization committees. This report was prepared and is submitted in pursuance of Section 211 of the Securities Exchange Act of 1934. This study and investigation was headed by Commissioner William O. Douglas who was then Director of the Protective Committee Study. Collaborating with him on this part of the report were S. O. Clark, Jr., Abe Fortas, S. H. Levy and Martin Riger, together with R. B. Ainsworth, Philip Blacklow, F. A. Doolittle, M. S. Giorchino, Morton Liftin, N. A. Stoll and I. S. Weissbrodt, all of the Protective Committee Study. The part which is transmitted herewith deals with the Strategy and Techniques of Protective and Reorganization Committees. Under dates of May 2, 1936, June 3, 1936, and June 18, 1936, we transmitted parts of this Commission's report which dealt with Committees for the Holders of Municipal and Quasi-Municipal Obligations, Committees for the Holders of Real Estate Bonds, and Trustees Under Indentures. There are in preparation four other parts of the report which will be submitted shortly. The specific recommendations contained herein are addressed largely to improvement of reorganization procedures in the federal courts, particularly reorganizations under Section 77B of the Bankruptcy Act. More specific and comprehensive recommendations concerning protective committees, including committees and other representatives of security holders in voluntary reorganizations, municipal debt arrangements, and foreign bond readjustments will be contained in subsequent parts of the report. 971826 |