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BANKERS LIFE AND CASUALTY COMPANY v. KIRTLEY

Nos. 17711, 17712.

338 F.2d 1006 (1964)

BANKERS LIFE AND CASUALTY COMPANY, a Corporation, Appellant, v. C. M. KIRTLEY, Trustee of Automatic Washer Company, Debtor, and Securities & Exchange Commission, and Shareholders Committee, Appellees. OLSON BROTHERS, INC., Appellant, v. C. M. KIRTLEY, Trustee of Automatic Washer Company, Debtor, and Securities & Exchange Commission, and Shareholders Committee, Appellees.

United States Court of Appeals Eighth Circuit.

December 1, 1964.

Attorney(s) appearing for the Case

Wendell B. Gibson, of Gibson, Stewart & Garrett, Des Moines, Iowa, for appellant, Bankers Life & Casualty Co. and S. David Peshkin, of Bridges & Peshkin, Des Moines, Iowa, on the brief.

Eugene Davis, of Duncan, Jones, Hughes, Riley & Davis, Des Moines, Iowa and F. J. O'Hara, Jr., of Craig, Summers & O'Hara, Washington, D. C., for appellant, Olson Brothers, Inc.

H. A. Steele, Des Moines, Iowa, for appellee, C. M. Kirtley, Trustee, and W. Z. Proctor and H. M. Coggeshall, Des Moines, Iowa, on the brief.

Melvin E. Levinson, Chicago, Ill., for appellee, Shareholders Committee of the Automatic Washer Co. and I. Harvey Levinson, Chicago, Ill., on the brief.

J. Kirk Windle, Sp. Counsel, S. E. C., Chicago, Ill., for S. E. C., Thomas B. Hart, Regional Administrator and Wm. D. Scheid, Atty., S. E. C., Chicago, Ill., and Philip A. Loomis, Jr., Gen. Counsel, David Ferber, Sol., John A. Dudley, Sp. Counsel and Paul J. Kemp, Atty., S. E. C., Washington, D. C., were on the brief.

Before VOGEL, VAN OOSTERHOUT and MEHAFFY, Circuit Judges.

VAN OOSTERHOUT, Circuit Judge.

Before us are separate appeals taken by Bankers Life and Casualty Co. (Bankers) and Olson Brothers, Inc., from final order subordinating their common stock interests upon liquidation of the assets of the debtor Automatic Washer Co. (Automatic) in a Chapter X bankruptcy proceeding until public shareholders shall have received in redemption of their stock $1.50 per share (par value).1

Olson Brothers...

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