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IN RE PRUDENCE CO., INC.

No. 231.

88 F.2d 420 (1937)

In re PRUDENCE CO., Inc.

Circuit Court of Appeals, Second Circuit.

Attorney(s) appearing for the Case

Kaufman, Weitzner & Celler and Thomas Cradock Hughes, all of New York City (Emil Weitzner, Thomas Cradock Hughes, and Harold S. Lynton, all of New York City, of counsel), for appellants, trustees of the debtor.

James B. Alley, Gen. Counsel, and Max O'Rell Truitt, Sol., both of Washington, D. C., and Root, Clark, Buckner & Ballantine, Special Counsel, of New York City (William P. Palmer and Everett I. Willis, both of New York City, of counsel), for appellee Reconstruction Finance Corporation.

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

MANTON, Circuit Judge.

October 2, 1931, the debtor became the owner of a consolidated bond and first mortgage in the principal amount of $2,300,000 upon an apartment house in New York City. On February 16, 1932, a formal application was submitted to the appellee for a loan not to exceed $25,000,000. The proposed collateral was listed in a schedule attached. Appellee's board of directors rejected the offered collateral and designated the security it would require....

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