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MOSSER v. DARROW.

No. 461.

341 U.S. 267 (1951)

MOSSER, SUCCESSOR TRUSTEE, ET AL. v. DARROW, FORMER TRUSTEE, ET AL.

Supreme Court of United States.

Decided May 7, 1951.

Attorney(s) appearing for the Case

Stanley A. Kaplan argued the cause for petitioners. With him on the brief were Carl W. Mulfinger, J. Edgar Kelly and Jacob B. Courshon.

Roger S. Foster argued the cause for the Securities & Exchange Commission, urging reversal. With him on the brief were Solicitor General Perlman, John F. Davis and David Ferber.

Urban A. Lavery and Irving Herriott argued the cause and filed a brief for Darrow, respondent.

MR. JUSTICE JACKSON delivered the opinion of the Court.

The principal question here concerns personal liability of a reorganization trustee who, although making no personal profit, permitted key employees to profit from trading in securities of the debtors' subsidiaries. Upon a long record, controlling facts have been found with little disagreement.

In 1935, the United States District Court appointed respondent Darrow as reorganization trustee for two common...

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