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1975 - October DOT Ord. & Dec. [1] (October, 1975)

handle is hein.usfed/dotod0588 and id is 1 raw text is: UNITED STATES OF AMERICA CIVIL AERONAUTICS BOARD WASHINGTON, D.C. UUIUt OUUMl~uOmaU aim Duamoummumum AIRSPEED, INC., F. W. MYERS & CO., INC., AND THE MYERS GROUP, INC., CONTROL RELATIONSHIPS P, , DOCKET 28301 Order 75-10-1 Issued under delegated authority October 1, 1975 Application of Airspeed, Inc., F. W. Myers & Co., Inc.. and the Myers Group, Inc., for ex- emption or approval pursuant to section 408 of the Federal Aviation Act of 1958. as amended ORDER GRANTING EXEMPTION Airspeed, Inc. (Airspeed), F. W. Myers & Co., Inc. (Myers), and the Myers Group, Inc. (Group), request either approval or exemption pur- suant to section 408 of the Federal Aviation Act of 1958, as amended (the Act), of the control of Myers and Airspeed by Group which will result from a corporate reorganization. Airspeed holds domestic and international air freight forwarder authorizations issued by the Board. The entire capital stock of Airspeed is owned by Myers. Group is a newly formed nonoperating holding com- pany. Myers has adopted a plan of reorganization pursuant to which Group will act as a nonoperating holding company for Myers' stock itself and for the stock of Myers' operating subsidiaries, including Airspeed. This will be accomplished by the exchange by shareholders of Myers of their stock for shares of Group. Myers will then declare a dividend of shares of Airspeed stock, and such shares will thereupon be transferred to Group. In support of the application, the applicants assert that the reorganization is for the purpose of internal accounting and corporate streamlining and simplification. In addition, the applicants assert that the proposed reorganization will not materially affect the control relationships now existing with respect to Airspeed. No comments relative to this application have been received. Upon consideration of the foregoing, it is concluded that the control of Myers and Airspeed by Group is subject to section 408(a)(5) of the Act. However, it is further concluded that the proposed reorganization will not result in creating a monopoly or monopolies and thereby DOCKET 28301 ORDER 75-10-1

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