BAILEY v. MINSCH

No. 4348.

168 F.2d 635 (1948)

BAILEY et al. v. MINSCH et al.

Circuit Court of Appeals, First Circuit.

June 24, 1948.


Attorney(s) appearing for the Case

Milton S. Gould, of New York City (Samuel H. Kaufman, of New York City, and Henry M. Leen, of Boston, Mass., on the brief), for appellants.

Robert H. Davison, of Boston, Mass. (Lewis L. Wadsworth, Jr., and Haussermann, Davison & Shattuck, all of Boston, Mass., on the brief), for William J. Minsch et al., appellees.

Charles C. Cabot, of Boston, Mass. (Ropes, Gray, Best, Coolidge & Rugg, Oscar M. Shaw, and W. Covington Hardee, all of Boston, Mass., on the brief), for Railway & Light Securities Company et al., appellees.

Joseph V. Carroll and Dana J. Kelly, both of Boston, Mass., for Philip J. Godfrey, intervenor.

Before DOBIE, MAHONEY, and WOODBURY, Circuit Judges.


MAHONEY, Circuit Judge.

For the fifth time we are confronted with problems arising out of the affairs of the Aldred Investment Trust. The trust, which was organized in 1927 as a Massachusetts trust, was registered with the Securities and Exchange Commission as a closed end, non-diversified, management investment company. From 1937 the trust's assets were less than its outstanding debentures and its earnings did not equal its interest requirements. In 1944 the trust...

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