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Question: Penrose borrowed money from Old Colony and to secure the loan, Penrose pledged stock in a corporation that operates a radio station. When Penrose defaulted, Old Colony sold the stock at a private sale instead of at a public sale on the grounds that a radio station was unique and that a private sale might bring in more money than a public sale. Should Old Colony be permitted to do this? (Old Colony Trust Company v. Penrose Industries Corporation, 280 F Supp 698 aff'd 398 F2d [3d Cir])

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