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IN RE CREDIT INDUSTRIAL CORPORATION

No. 380, Docket 30299.

366 F.2d 402 (1966)

In the Matter of CREDIT INDUSTRIAL CORPORATION, Bankrupt. Milton S. GOULD, I. Alan Harris and Henry Landau, Trustees-Petitioners-Appellants, Jeanne LEVIN, Executrix of the Estate of Leo B. Levin, Deceased, Rose Friedman, Edith Keller, Beverly Keller, Pauline Goldstein, Fannie Winnick, Samuel Coslow, Benjamin Fried, Marcus Fried, Milton Schwartz, Arthur Hilton, Gertrude L. Hilton and Edward H. Bottner, Claimants-Respondents-Appellees.

United States Court of Appeals Second Circuit.

Decided August 30, 1966.

Attorney(s) appearing for the Case

Israel Akselrod, New York City (Zalkin & Cohen, Henry Lewis Goodman, Harold N. Schwinger, New York City, of counsel), for trustees-appellants-cross-appellees.

Jules H. Enrich, New York City (Hays, Sklar & Herzberg, New York City), for claimant-appellee-cross-appellant, Jeanne Levin, Exx. of the Estate of Leo B. Levin.

David S. Kumble, New York City, for claimants-appellees-cross-appellants, Rose Friedman, Edith Keller, Beverly Keller, Pauline Goldstein and Fannie Winnick.

Maurice Knapp, New York City, for claimants-appellees-cross-appellants, Benjamin Fried, Marcus Fried, Milton Schwartz, Arthur Hilton, Gertrude L. Hilton and Edward H. Bottner.

LeBoeuf, Lamb & Leiby, New York City, as amicus curiae in support of appellants, Adrian C. Leiby, Alfred E. Froh, F. Bosley Crowther 3rd, New York City, of counsel.

Sullivan & Cromwell, New York City, for New York Clearing House, amicus curiae, William C. Pierce, New York City, of counsel.

Before MOORE, SMITH and KAUFMAN, Circuit Judges.

MOORE, Circuit Judge.

In May, 1963, Credit Industrial Corporation (CIC) consented to an involuntary petition in bankruptcy. CIC was a commercial finance company located in New York City which financed its operations primarily by loans from individual and institutional lenders. The institutional creditors, consisting of some 29 banks and a financial corporation, filed claims which were allowed in the amount of $9,830,381.21. In addition to borrowing from the institutional...

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