IN RE DRACO REALTY CORPORATION


11 F.Supp. 405 (1935)

In re DRACO REALTY CORPORATION.

District Court, S. D. New York.

June 3, 1935.


Attorney(s) appearing for the Case

Karelsen & Karelsen, of New York City (Max J. Rubin and Frederick Baum, both of New York City, of counsel), for petitioning creditors.

Van Vorst, Siegel & Smith, of New York City (Alexander B. Siegel, of New York City, of counsel), for debtor.

Weil, Gotshal & Manges, of New York City (Poppenhusen, Johnston, Thompson & Cole, of Chicago, Ill., and Wolf, Block, Schorr & Solis-Cohen, of Philadelphia, Pa., and Sylvan Gotshal, of New York City, of counsel), for bondholders' committee.

Jacob A. Freedman, of Brooklyn, N. Y. (Archibald Palmer, of New York City, of counsel), for answering creditors.


HULBERT, District Judge.

Motion by debtor, and three answering creditors, supported by a bondholders' committee, to dismiss an involuntary petition filed under section 77B of the Bankruptcy Act (11 USCA § 207).

Petitioners, like the answering creditors, are owners of first mortgage 6 per cent. gold bond certificates, and allege: "The value of the security covering said claims represented by the aforesaid bonds is not in excess of $500 for each of said...

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