listing application filed on or about February 12, 1974 by Savoy, which at that time was under the control of Zimmerman's group, was materially false and misleading and omitted to state facts necessary to make the statements made not misleading.
18. On the above basis of findings of fact and conclusions of law, this Court concludes that plaintiff Commission is entitled to a permanent injunction against defendant Zimmerman for future violations of Section 17(a) of the Securities Act of 1933, Sections 10(b), 13(a) and 13(d) of the Securities Exchange Act of 1934, and Rules 10b-5, 13a-1, 13a-11 and 13d-1 thereunder.
An Order consistent with the foregoing has been entered this day.
John H. Pratt United States District Judge
January 27, 1976
JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF
Plaintiff Securities and Exchange Commission, having filed a complaint for injunction and other relief and the Court having heard a trial on the merits of this matter on October 22 and 23, 1975, and for the reasons assigned in the Court's Findings of Fact and Conclusions of Law filed on January 27, 1976,
IT IS ORDERED, ADJUDGED AND DECREED, that defendant S. Mort Zimmerman (Zimmerman), his agents, servants, partners, assigns and those persons in active concert or participation with them, are hereby restrained and enjoined from, directly or indirectly, in connection with the offer, purchase or sale of securities of Savoy Industries, Inc. (Savoy) or any other issuer, making use of the means or instrumentalities of interstate commerce or of the mails to employ any device, scheme or artifice to defraud, to make any untrue statements of material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, and to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; and it is further
ORDERED, ADJUDGED AND DECREED, that defendant Zimmerman, his agents, servants, partners, assigns and those persons in active concert or participation with them, are hereby restrained and enjoined from directly or indirectly filing or causing Savoy or any other company to file any annual, periodic or other reports with the Securities and Exchange Commission containing untrue statements of material facts or omitting to state material facts necessary to make the statements made in light of the circumstances under which they were made, not misleading or to omit information required to be stated therein, and from failing to file or causing the failure to file said reports on a timely and current basis; and it is further
ORDERED, ADJUDGED AND DECREED, that defendant Zimmerman file with the Securities and Exchange Commission within thirty (30) days from the date of this Order a Schedule 13D report containing an accurate description of his involvement in the acquisition of 172,000 shares of Savoy common stock from Savoy; and it is further
ORDERED, ADJUDGED AND DECREED, that defendant Zimmerman, his agents, servants, partners, assigns and those persons in active concert with them, are hereby restrained and enjoined, from voting any of the shares of Savoy common stock acquired by them or their nominees in connection with the agreement entered into by Savoy, Interstate General, Inc., Lee Mansdorf and others.
John H. Pratt / United States District Judge
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