Dec 14, · The following is a list of some new chapter 11 bankruptcy filings made during the week ended Dec. Case Title Court Case No Date Filed Assets Liabilities Attorney Arye Joseph Bobker . Bobker Bearings List of Employees: There's an exhaustive list of past and present employees! Get comprehensive information on the number of employees at Bobker Bearings from to You can filter them based on skills, years of employment, job, education, department, and prior employment. Bobker Bearings Salaries. Southern District of New York (Bankruptcy) ; bk through bk; Arye Joseph Bobker; Interested in this case? Sign up to receive real-time updates. Share. Last full docket sheet refresh. Refresh now # Date. Description. Interested in this case?
The Rule states that "a person shall be deemed to own a security for purposes of this rule only to the extent that he has a net long position in such security. By tendering all 4, of his shares of Phillips stock and then selling short 2, shares of that stock, Bobker would have been net long only 2, shares on the proration date and in violation of Rule 10b-4 if the short sale had not been cancelled by Merrill Lynch or if Bobker had failed to repurchase the shares he sold short prior to the proration date.
While Bobker had no intention of repurchasing the shares prior to the proration date, he nevertheless argues that his attempted transaction would not have violated Rule 10b-4 because the tender of 4, shares and the short sale of 2, shares were independent transactions.
Bobker bases this contention on a claim that he would have used cash to purchase shares to cover the short sale; that he would not have used any of the 4, tendered shares to cover the short sale, leaving him net long 4, shares on the proration date. Regardless of whether Bobker would have purchased shares to cover the short sale, Rule 10b-4 requires that the tendering shareholder own the "security" on the proration date, not a cash equivalent. Thus he was required to own 4, shares. Bobker's contention that his short sale need not be offset against his tendered shares lacks support in the Rule and in the SEC's releases.
By definition, "net long" requires that a shareholder's long and short positions be netted against each other, without regard for the independence of the transactions. Finally, even if Bobker covered the short sale by purchasing shares with cash after the proration date, his transaction would have resulted in the kind of disparate treatment of tendering shareholders Rule 10b-4 was intended to prevent. Bobker would have received not only the above-market tender price for the half of his shares accepted by Phillips,  but also the profits realized on his short sale of 2, shares.
Thus, Bobker would have received a premium price for all 4, shares, rather than just those shares accepted by Phillips. A shareholder who did not engage in hedged tendering would receive a premium price only for the half of his shares accepted by Phillips.
Having elected to participate in the proration pool, Bobker was required by Rule 10b-4 to do so on an equal basis with all other tendering shareholders. Bobker's attempted short sale was contrary to both the letter and the spirit of Rule 10b The SEC, whose interpretation of the statute and regulations is entitled to considerable deference,  contends in its amicus brief that the history of Rule 10b-4 makes clear that if Merrill Lynch had not cancelled Bobker's short sale and Bobker had failed to repurchase the shares or withdraw them from the tender prior to the proration date, the short sale would have violated the Rule.
The arbitrators were aware of the Rule and its purpose  yet proceeded to ignore it, despite the fact that the illegality of the proposed transaction was pressed by Merrill Lynch. It appears that they not only disregarded the law, but acted arbitrarily by splitting the difference. Stravelakis Bros.
Titan Indus. Krasner, F. Hideca Trading, Inc. Rule 10b-4 b , 17 C. The criteria employed to determine ownership of shares within the meaning of Rule 10b-4 are the same as those employed in interpreting Rule 10a The Rule was amended again in to prohibit hedged tendering through the use of standardized call options. Docket The balance or "net" amount must equal or exceed the number of shares tendered. See Transcript of Arbitration Proceedings, at Moreover, Bobker told the arbitrators that he intended to use cash rather than the unaccepted shares returned by Phillips only if he was able to purchase the shares at a favorable price after the proration date.
SEC, F. Democratic Senatorial Campaign Comm. The financing statement, however, described the collateral as the real property owned by Morgan Lofts instead of the membership interest of 11 East 36th, LLC in Morgan Lofts. The Lender appealed the decision to the District Court. The District Court found that the Lender misconstrued the earlier decision.
Therefore, any errors in the UCC record were caused by the misconduct of those parties. As such, the Lender requested that the District Court impose a constructive trust that would render the claim unavoidable. However, the Lender raised this issue for the first time on appeal. Consequently, the District Court declined to consider the argument. The District Court concluded by affirming the decision of the Bankruptcy Court.