G. E. EMPLOYEES SECURITIES CORPORATION v. MANNING

No. 8118.

137 F.2d 637 (1943)

G. E. EMPLOYEES SECURITIES CORPORATION v. MANNING, Collector of Internal Revenue.

Circuit Court of Appeals, Third Circuit.

Decided July 28, 1943.


Attorney(s) appearing for the Case

Richard H. Appert and Henry Mannix, both of New York City (William St. John Tozer, of Teaneck, N. J., and White & Case, of New York City, on the brief), for appellant.

Joseph W. Burns, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., Sewall Key and Helen R. Carloss, Sp. Assts. to the Atty. Gen., Charles M. Phillips, U. S. Atty., and Thorn Lord, Asst. U. S. Atty., both of Trenton, N. J., on the brief), for appellee.

Before MARIS, JONES, and GOODRICH, Circuit Judges.


MARIS, Circuit Judge.

Middle West Utilities Company, a holding company, incorporated in 1912, went into receivership in 1932. A petition for reorganization of the Company under Section 77B of the Bankruptcy Act, 11 U.S.C. A. § 207, was filed in 1934 and a plan of reorganization was approved by decree in 1935. As part of the plan the assets of the Company were transferred to a newly formed corporation, Middle West Corporation...

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