MOORMAN, Circuit Judge.
The Charcoal Iron Company of America was a corporation owning lands and engaged in operating sawmills and mines in the Upper Peninsula of Michigan. Among its liabilities was an issue of outstanding first mortgage bonds. Being unable to meet the obligations of the bonds, it was placed in a receivership in the United States District Court for the Western District of Michigan in March of 1926. The receivers operated the property of the company...
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