Mickey Lovett
Brief 1
I. Style of Case
Foremost-McKesson, Inc. v. Provident Securities Company
II. Disposition & Court Below
Petitioner looked for a review of a decision from the United States Court of Appeals for the
Ninth Circuit. This held that an anti-profiteering provision in the Securities Exchange Act of
1934,15 U.S.C.S. § 78p(b), which did not apply to the purchaser of securities that became a
beneficial owner of more than 10 percent of a corporation as a result of the purchase.
III. Facts
• Provident is a business trying to liquidate their assets for their customers. The company
agreed to sell some of their assets – foremost for cash and to convert debt. This would
then convert into stock for Provident.
