NIELDS, District Judge.
The Celotex Company has been under the control of this court for over three years. June 16, 1932, equity receivers were appointed. Ancillary receivers were appointed in Chicago and New Orleans. In 1933 the company faced liquidation. This was averted by the offer of one Groves to procure the necessary money for reorganization. For that purpose, he formed Central Securities Corporation, known throughout these proceedings as the "subscriber."...
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