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GRUBBS v. PETTIT

No. 369, Docket 26241.

282 F.2d 557 (1960)

Barton GRUBBS, II, Receiver of Keta Gas and Oil Company, Appellant, v. William D. PETTIT, Thomas J. Crawford, and Harry Berger, Trustees, Appellees. In the Matters of SWAN-FINCH OIL CORPORATION, Keta Gas and Oil Company, Debtors.

United States Court of Appeals Second Circuit.

Decided August 29, 1960.

Attorney(s) appearing for the Case

Leonard M. S. Morris, Pittsburgh, Pa. (Sanford M. Lampl, Pittsburgh, Pa., of counsel), for appellant.

George C. Levin, New York City, for appellees.

Kaye, Scholer, Fierman, Hays & Handler, New York City (Milton Kunen, New York City, of counsel), for Debtor Swan-Finch Oil Corp.

Thomas G. Meeker, Gen. Counsel, David Ferber, Asst. Gen. Counsel, Washington, D. C., Richard V. Bandler, Sp. Counsel, Kiva Berke, New York City, Richard B. Pearl, Attys., Securities and Exchange Commission, Washington, D. C., for Securities & Exchange Commission.

Before WATERMAN, MOORE and HAMLIN, Circuit Judges.

WATERMAN, Circuit Judge.

Swan-Finch Oil Corporation is a New York corporation with approximately 6,000 stockholders. It is largely a holding company. For a considerable time prior to September 1957 the affairs of Swan-Finch were controlled by one Lowell M. Birrell. About September 1957 Birrell fled the country and is currently resisting extradition from Brazil. On January 2, 1958 Swan-Finch filed a petition in the Southern District of New York seeking reorganization...

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