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Show TRAIISAMERICA ASKSENJOINER WASHIKOTON, JaaT jiT'fUP) Attoroeya for Trenaamerlea corporation, corpo-ration, huge Paetfle ooaet Invsst-aeent Invsst-aeent firm, laetltated federal court action today tn an afreet to restrict re-strict a securities a4 ecehange eemmleleea Inquiry Into Its affairs. Ae the E C bearing opened, the court action was aaneuaeed by Donald R. Rlchberg, onetime N R A administrator and counsel for the west eeast firm. Rlchberg said the Bank of America Ameri-ca National Trust and Savings association, as-sociation, in which Transamerica eerporeUon soldi a 41 per cent stock intereete filed suit today la federal district court for an Injunction to restrala the SEC from Including Bank sf America In. Its Transamerica Trans-america Inquiry. The SEC charges Transamerica With filing falss and misleading statemente of fact." Rlchberg proposed to S C Trial Examiner Henry fltta that, in view of the injunction request, the inquiry in-quiry proceed without reference te Baa of America. John O. Rogge, assistant 8 E C general counsel, protested vigorously, charging that granting this motloa would, In effect, ef-fect, reverse the SBC order calling far the hearing. Fltta ordered the hearing te proceed pro-ceed as scheduled, pending receipt of off tela I notice by the commies ton of the fllln of the tnluncriAn nm. ceedings. Rlchberg eaid that the Injunction suit waa based on the theory that the eommtsstoa was without lawful Jurisdiction over Bank of America. nickberg charged that the S C waa acting contrary to law by making mak-ing public data which the law required re-quired to be kept confidential. He emphasised that It was not kle Intention In-tention ta attempt to halt proceed-Ins proceed-Ins against Transamerica Itself, but only oa matters pertaining ta the bank. Rogge summarised commission charges against Transamerica asi 1. Writing up securities and reflecting re-flecting unrealised appreelatioa ae income. X. Employment af devises to avoid neeeeelty af writing eff as loaeee Ut 314 000 of aeeeu found by the national bonk examiners ta be worthless, $. Failure to take sufficient depreciation de-preciation and refusal to recognise realised losses. a. Creation af fictitious profits through intercompany transactions. a. Failure to provide adequate reserves. re-serves. Big Preftte Alleged Rogge ssld hs proposed to show that A. P. Olannlnl. chairman of ths board ef Transamerica, had received eompensetloa la excess of f 9.000,000 since 127. If the eommiaeion I ui tains the charges against Transamerica corporation cor-poration it may ban trading in Trnnsameriea corporation capital stock aa the Mew York, Lea An-gelee An-gelee and Sea Francisco stock exchangee. |