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STANDARD BRASS CORP. v. FARMERS NAT. BANK OF BELVIDERE

No. 16118.

388 F.2d 86 (1967)

In the Matter of STANDARD BRASS CORPORATION, Philip B. Johnson, Trustee, Applicant-Appellee, v. The FARMERS NATIONAL BANK OF BELVIDERE, Respondent-Appellant.

United States Court of Appeals Seventh Circuit.

December 21, 1967.

Attorney(s) appearing for the Case

Frank O. Wetmore, II, Chicago, Ill., Edward J. Enichen, Rockford, Ill., for respondent-appellant.

Kenneth Ritz, Rockford, Ill., for applicant-appellee.

Before HASTINGS, Chief Judge, KNOCH, Senior Circuit Judge and CASTLE, Circuit Judge.

KNOCH, Senior Circuit Judge.

The Bankrupt, Standard Brass Corporation, filed its bankruptcy petition July 9, 1965. Philip B. Johnson was appointed Receiver, and, subsequently, elected Trustee by the general creditors on August 30, 1965, after which he adopted his own acts as Receiver.

When the bid on the plant of the Bankrupt, realty and personalty as a whole, was exceeded by bids on the personal property and realty...

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