This section contains the nature of the case and procedural background.

Crane (P) wanted to take over Anaconda (D) and offered to exchange up to $100 million in subordinated debentures for as many as 5 million shares of D common stock. D's management vigorously opposed the plan. P filed its mandatory registration statement with the SEC and the next day requested a copy of D's list of shareholders. D refused as P did not own any of D stock. But in less than 30 days over 2,350,000 shares of D were in P's hands. P then made a formal written request for inspection of the shareholder records. It was denied, but D offered to put the information that P wanted to convey in the mail at P's expense. P sued D. D prevailed the appeals court reversed. This appeal resulted.

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