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MacNAMEE v. BANKERS' UNION FOR FOREIGN COMMERCE & FINANCE

No. 117.

25 F.2d 614 (1928)

MacNAMEE et al. v. BANKERS' UNION FOR FOREIGN COMMERCE & FINANCE, Inc.

Circuit Court of Appeals, Second Circuit.

April 9, 1928.

Attorney(s) appearing for the Case

Mrs. E. Jean Nelson Penfield, of New York City (Ralph O. Wells, of counsel), for appellants.

Benedict M. Holden, of Hartford, Conn., for receiver.

Lord, Day & Lord, of New York City (Benedict M. Holden, of Hartford, Conn., James Francis Ryan, of Philadelphia, Pa., Sherman Baldwin, of New York City, and Thomas J. Birmingham, of Hartford, Conn., of counsel), for Stockholders' Protective Committee.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

SWAN, Circuit Judge (after stating the facts as above).

The bill upon which the receiver was appointed sets forth that the corporation is without directors and officers and that it is necessary that a receiver take charge of its assets and "dispose of the same for the benefit of creditors and all parties in interest." Apparently all commercial creditors have been or will be satisfied and a considerable fund will remain for distribution as the court may hereafter order...

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