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DE MET'S INC. v. INSULL

No. 7431.

122 F.2d 755 (1941)

DE MET'S INC. v. INSULL et al.

Circuit Court of Appeals, Seventh Circuit.

Rehearing Denied October 1, 1941.

Attorney(s) appearing for the Case

Geo. F. Callaghan, Albert W. Froehde, Edmund D. Adcock, Rober Q. White, and Lewis F. Jacobson, all of Chicago, Ill., for appellant.

Donald F. McPherson, Geo. Ragland, Jr., C. Bouton McDougal, Floyd E. Thompson, and John J. Healy, all of Chicago, Ill. (Sidley, McPherson, Austin & Burgess, of Chicago, Ill., of counsel), for appellees.

Before SPARKS, MAJOR, and KERNER, Circuit Judges.

KERNER, Circuit Judge.

This is a representative suit brought by De Met's Incorporated, a holder of corporate notes, against the directors of the Corporation Securities Co. of Chicago, a bankrupt corporation, for the improper pledging of the corporate assets, and for the improper payment of dividends in violation of § 23 of the Illinois Corporation Act of 1919, Laws of Illinois, 1919, p. 321, Smith-Hurd Stats.Ill. c. 32, § 157.42 note.

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