No. 342.

324 U.S. 204 (1945)


Supreme Court of United States.

Decided February 26, 1945.

Attorney(s) appearing for the Case

Mr. Robert W. Purcell, with whom Mr. James A. Butler was on the brief, for petitioner.

Mr. Marvin C. Harrison for respondents.

Solicitor General Fahy, Messrs. Roger S. Foster, Milton V. Freeman, Theodore L. Thau and David Ferber filed a brief on behalf of the Securities & Exchange Commission, as amicus curiae, urging reversal.

MR. JUSTICE BLACK delivered the opinion of the Court.

This case presents the question of the accountability of stockholders who objected to the confirmation of a plan of reorganization under the Bankruptcy Act,1 and abandoned their appeal for a consideration to themselves, where the basis of the appeal was that, if successful, it would benefit the entire class.

The Higbee Company, a department store with assets of more than six...

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