IN RE PAUL DE LANEY CO.

No. 289.

26 F.2d 961 (1928)

In re PAUL DE LANEY CO., Inc.

Circuit Court of Appeals, Second Circuit.

June 25, 1928.


Attorney(s) appearing for the Case

Wilcox & Van Allen, of Buffalo, N. Y. (John W. Van Allen, of Buffalo, N. Y., Myer H. Gladstone, of Chicago, Ill., and W. B. Van Allen, of Buffalo, N. Y., of counsel), for appellant George G. Renneker Co.

Charles F. Blair, of Buffalo, N. Y., for trustee in bankruptcy.

Haight, Smith, Griffin & Deming, of New York City (Edgar R. Kraetzer, of New York City, of counsel), for appellees Anchor Cap & Closure Corporation and Capstan Glass Co.

Frank Gibbons and Henry W. Pottle, both of Buffalo, N. Y., for appellee Midland Bank of Cleveland.

Arthur S. Tennant, of Westfield, N. Y., and Dwight C. Dale, for respondent State Bank of Brocton.

Glenn W. Woodin, of Dunkirk, N. Y., for respondent Dunkirk Trust Co.

Before MANTON, L. HAND, and SWAN, Circuit Judges.


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

This controversy involves the application of section 69 of the Stock Corporation Law of New York (Consol. Laws, c. 59) which forbids the issuing of stock or bonds "except for money, labor done or property actually received" — a statute which has previously been before us in Re Waterloo Organ Co., 134 F. 345; Id., 154 F. 657; In re Progressive Wall Paper Corp., 229 F. 489, L. R. A. 1916E, 563; Davis v....

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