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IN RE PRUDENCE CO.

No. 402.

98 F.2d 559 (1938)

In re PRUDENCE CO., Inc. Application of CALLAGHAN et al. Appeal of STEIN.

Circuit Court of Appeals, Second Circuit.

July 18, 1938.

Attorney(s) appearing for the Case

Pollock & Nemerov, of New York City (Joseph Nemerov, Edward A. Rothenberg, and Joseph A. Gluckman, all of New York City, of counsel), for appellant.

Colladay, McGarraghy, Colladay & Wallace, of Washington, D.C. (Edward F. Colladay and Wilton H. Wallace, both of Washington, D. C., Sp. Tax Counsel, and Nathaniel L. Goldstein, of New York City, of counsel), for debtor-appellee.

Delafield, Marsh, Porter & Hope and Root, Clark, Buckner & Ballentine, all of New York City (Eugene Blanc, Jr., and George E. Cleary, both of New York City, of counsel), for creditors-appellees.

Before MANTON, L. HAND, and SWAN, Circuit Judges.

SWAN, Circuit Judge.

This is an appeal from an order approving a compromise for $400,000 in cash of claims of the United States for income taxes for the years 1923 to 1936, inclusive, against the debtor in reorganization, and its subsidiaries. The amount of the tax claims, with interest to May 15, 1937, in round figures is $1,110,000. The debtor's trustees were authorized to employ special tax counsel, who made an intensive study of the claims. Their negotiations...

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