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PHILLIPS v. BAKER

No. 11970.

165 F.2d 578 (1948)

PHILLIPS et al. v. BAKER et al.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied March 12, 1948.

Attorney(s) appearing for the Case

Edward S. Boyles, Willard L. Russell, M. U. S. Kjorlaug, Albert J. DeLange, T. B. Blanchard, Walter F. Brown, Pierce E. Holmes and Edgar E. Townes, Jr., all of Houston, Tex., for appellants and appellees, H. A. Phillips, trustee in Bankruptcy of the estate of B. Frank Sterling and Harry V. Baker, a partnership, doing business as Sterling & Baker, and others, bankrupts, and others.

Murray G. Smyth and C. H. Chernosky, both of Houston, Tex., for appellees and appellants, Hines H. Baker, and others.

Before HUTCHESON, WALLER, and LEE, Circuit Judges.

HUTCHESON, Circuit Judge.

Appellants and appellees, except the trustee, are reclamation claimants in a stockbrokers' bankruptcy proceeding. The issues and controversies argued below and here arise from the fact, as found by the referee and the district judge, that at the time of the bankruptcy the securities to which the reclamation claims relate were not only under pledge to Post and Flagg in New York, but were in aggregate amount "far less than the amount of the...

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