IN RE MIDWEST ATHLETIC CLUB

Nos. 9284, 9285, 9315, 9324.

161 F.2d 1005 (1947)

In re MIDWEST ATHLETIC CLUB. CHICAGO TITLE & TRUST CO. v. RYAN et al. (two cases). SCHLENSKY v. RYAN et al. CHICAGO TITLE & TRUST CO. et al. v. RYAN et al.

Circuit Court of Appeals, Seventh Circuit.

June 6, 1947.


Attorney(s) appearing for the Case

A. Edmund Peterson, Charles H. Watson, Meyer Abrams, Maurice H. Kamm, and Marcus R. Hart, all of Chicago, Ill. (Shulman, Shulman & Abrams, of Chicago, Ill., of counsel), for appellant.

Thomas B. Hart, G. Gale Roberson, J. Kirk Windle, Simon H. Alster, Jerome S. Wald and John H. McAuliffe, all of Chicago, Ill., Roger S. Foster, Robert S. Rubin and Aaron Levy, all of Philadelphia, Pa.; Alster, Berger & Wald, of Chicago, Ill. (Theodore E. Rein, of Chicago, Ill., of counsel), for appellees.

Before SPARKS, KERNER, and MINTON, Circuit Judges.


MINTON, Circuit Judge.

The Midwest Athletic Club was organized under the laws of Illinois as a nonprofit corporation on January 2, 1924. The corporation built a thirteen story clubhouse on the west side of Chicago with club facilities, 171 hotel rooms, and commercial rental space. A first mortgage was placed on this property to secure a bond issue of $1,200,000 with the Chicago Title and Trust Company as indenture trustee. In 1930 a suit in which other lienholders...

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