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IN RE ALDA COMMERCIAL CORPORATION

No. 68 B 711.

300 F.Supp. 294 (1969)

In the Matter of ALDA COMMERCIAL CORPORATION, Bankrupt.

United States District Court S. D. New York.

March 25, 1969.

Attorney(s) appearing for the Case

Milbank, Tweed, Hadley & McCloy, New York City, for The Chase Manhattan Bank N. A., petitioner; Samuel R. Ballin, New York City, of counsel.

Alex L. Rosen, New York City, for trustee.

Siegel, Sommers & Schwartz, Brooklyn, N. Y., for creditors; Leonard Schwartz, Brooklyn, N. Y., of counsel.

MEMORANDUM

BONSAL, District Judge.

This appeal from an order made by Referee Babitt on December 18, 1968 raises the question as to whether subordinated creditors are to be denied their right to vote for the election of a trustee at the first creditors' meeting because they are deemed to have made an equitable assignment of their claims to the unsubordinated creditors.

On July 11, 1968, Alda Commercial Corporation (the bankrupt) executed a general...

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