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ALLEGHANY CORPORATION v. GUARANTY TRUST CO.

No. 349.

97 F.2d 367 (1938)

ALLEGHANY CORPORATION v. GUARANTY TRUST CO.

Circuit Court of Appeals, Second Circuit.

June 9, 1938.

Attorney(s) appearing for the Case

William J. Donovan, Carl E. Newton, and David Teitelbaum, all of New York City (Theodore S. Hope, Jr., of New York City, of counsel), for plaintiff-appellant.

Davis, Polk, Wardwell, Gardiner & Reed, of New York City (Theodore Kiendl, Frederick A. O. Schwarz, and Porter R. Chandler, all of New York City, of counsel), for defendant-appellee.

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

AUGUSTUS N. HAND, Circuit Judge.

It is evident from the foregoing statement of facts, and indeed is not disputed, that the collateral held under the 1944 indenture was, on November 2, 1937, of a value below 150% of the amount of the bonds of Alleghany then outstanding and remained below until March 2, 1938. Closing quotations for sales of Chesapeake stock on the New York Stock Exchange showed a ratio of 151.75% on March 2, and 151.68% on March 3. The ratio, however...

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