IN RE PHILADELPHIA PENN WORSTED COMPANY

No. 12981.

278 F.2d 661 (1960)

Matter of PHILADELPHIA PENN WORSTED COMPANY, Bankrupt Barney Cramer and Harvey Mencoff, Copartners Trading as Advanced Textile Company, Appellants.

United States Court of Appeals Third Circuit.

Decided May 23, 1960.


Attorney(s) appearing for the Case

David Goldberg, Philadelphia, Pa. (Verlin & Goldberg, Philadelphia, Pa., on the brief), for appellants.

Morris M. Wexler, Philadelphia, Pa. (Wexler, Mulder & Weisman, Philadelphia, Pa., on the brief), for G. A. Wilderman, Trustee in Bankruptcy of Philadelphia Penn Worsted Co., Appellee.

Before McLAUGHLIN, KALODNER and STALEY, Circuit Judges.


KALODNER, Circuit Judge.

The bankrupt, Philadelphia Penn Worsted Company, a Pennsylvania corporation, on December 12, 1958, made a general assignment for the benefit of creditors to Harvey Hurwitz as assignee. At the time of the assignment the bankrupt was the owner of a property at the northeast corner of York and Jasper Streets, Philadelphia.

On March 31, 1959, the assignee, pursuant to his agreement with the mortgagee of the property, put it up at public...

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