Crosby & Co. v. Compagnie Nationale Air France

preliminary handshake agreement for acquisition, and subsequent Board of Directors’ authorization to negotiate, did not constitute an ir revocable commitment to sell for purposes of § 16(b) | “Questions of the reasonableness of rates, regulations, and practices in air transportation regulated by the Federal government are left to the administrative agency governing the industry, in this case the Civil Aeronautics Board.” | absence of damages irrelevant in assessing liability for director’s fraudulent dealing in corporate securities | arbitration agreement not enforceable if underlying chattel mortgage is usorious | where no conditions to closing in the acquisition agreement were in issue, the court held that a purchase of stock within § 16(b) took place upon execution and board approval of a written acquisition agreement, and not upon an earlier board approval of a commitment to buy