TAYLOR v. AUSTRIAN

No. 5458.

154 F.2d 107 (1946)

TAYLOR et al. v. AUSTRIAN et al. In re CENTRAL STATES ELECTRIC CORPORATION.

Circuit Court of Appeals, Fourth Circuit.

March 22, 1946.


Attorney(s) appearing for the Case

Thomas C. Egan, of Philadelphia, Pa. (Harry Reiss Axelroth, of Philadelphia, Pa., David J. Mays, of Richmond, Va., Francis E. Walter, of Easton, Pa., Tucker, Mays, Cabell & Moore, of Richmond, Va., and Hastings, Stockly and Layton, of Wilmington, Del., on the brief), for appellants.

Robert G. Butcher, of Richmond, Va., and George Rosier, of New York City (Austrian & Lance, Carl J. Austrian, Saul J. Lance, George H. Schwartz and Isadore H. Cohen, all of New York City, on the brief), for appellees.

Lawrence M. Greene, Atty., Securities and Exchange Commission, of Washington, D. C. (Roger S. Foster, Sol., Securities and Exchange Commission, of Philadelphia, Pa., on the brief), for Securities and Exchange Commission.

Before SOPER and DOBIE, Circuit Judges, and TIMMERMAN, District Judge.


PER CURIAM.

This appeal was taken from an order of the District Court issued on December 10, 1945 wherein the trustees for the Central States Electric Corporation, a debtor in reorganization under Chapter X of the Bankruptcy Act, 11 U.S.C.A. § 501 et seq., were authorized to sell certain securities in the debtor's portfolio in order to accomplish a saving of income taxes. The Committee for Holders of 7% Cumulative Preferred Stock of the debtor noted an appeal...

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