HOOD, Chief Judge:
In September 1962, a petition was filed in the United States District Court for the Eastern District of Pennsylvania for reorganization of Waterman Products Co., Inc. under Chapter X of the Bankruptcy Act, 11 U.S.C.A. §§ 501-676. Two days later appellant, George DiLauro, was appointed operating trustee of Waterman for purposes of reorganization. The reorganization proved
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