IN RE ISLAND PARK ASSOCIATES

No. 412.

77 F.2d 334 (1935)

In re ISLAND PARK ASSOCIATES, Inc.

Circuit Court of Appeals, Second Circuit.

May 6, 1935.


Attorney(s) appearing for the Case

Milbank, Tweed, Hope & Webb, of New York City (William Dean Embree and George W. Jaques, both of New York City, of counsel), for Title Guarantee & Trust Co.

Hughes, Schurman & Dwight, of New York City (John Fletcher Caskey and John R. McCullough, both of New York City, of counsel), for George S. Van Schaick, Supt. of Insurance of State of New York, as Rehabilitator of Bond & Mortgage Guarantee Co.

John Holley Clark, Jr., of New York City, for Committee of Certificate Holders.

Breed, Abbott & Morgan, of New York City (Charles H. Tuttle and Lloyd V. Almirall, both of New York City, of counsel), for J. Russell Sprague and Theodore N. Ripsom, trustees for the debtor.

George J. Mintzer, of New York City, for debtor-appellee.

Clark, Sickels & Barton, of New York City, and Morgan, Lewis & Bockius, of Philadelphia, Pa. (John S. Sickels, of New York City, and W. James MacIntosh, of Philadelphia, Pa., of counsel), for Mary Austin and Rebecca J. Austin, etc.

Herrick & Feinstein, of Brooklyn, N. Y., for Committee of Certificate Holders.

Medina & Sherpick, of New York City (Eugene A. Sherpick, of New York City, of counsel), for amici curiæ Hackett and Taub.

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


MANTON, Circuit Judge.

The Island Park Associates, Inc., a debtor, filed a petition in bankruptcy for reorganization under section 77B of the Bankruptcy Act (11 USCA § 207). The petition was approved and permanent trustees were appointed. The corporation owned or controlled five properties, one of which is involved in this appeal. That property consists of 1,751 lots, 245 of which are under contracts of sale for $301,783.66; the remainder are unsold. There was...

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