WOOLLEY, Circuit Judge.
Townsend, with assets of $390,000 and liabilities of $250,000, became involved in his building operations. He called a meeting of his creditors, asked for an extension of their claims and offered to submit his business to their supervision until payment. Acceding to his proposal, the creditors present appointed a Creditors' Committee which engaged Fox & Rothschild, attorneys, to prepare the necessary papers and render such other professional...
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