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IN RE INSULATION & ACOUSTICAL SPECIALTIES COMPANY

No. 19891.

426 F.2d 1189 (1970)

In the Matter of INSULATION & ACOUSTICAL SPECIALTIES COMPANY, Inc. Woodrow W. BENNETT, Wilbur M. Tomlinson, Henry H. Smith, Geneva Willey and Hubert C. Swanson, Assignees, Appellants, v. George V. AYLWARD, Jr., Trustee in Bankruptcy, Gustin-Bacon Manufacturing Company, Insulation & Acoustical Specialties, Inc., Bankrupt, and Philip Carey Manufacturing Company, Appellees.

United States Court of Appeals, Eighth Circuit.

May 8, 1970.

Attorney(s) appearing for the Case

Roy P. Swanson, of Swanson, Midgley, Jones, Eager & Gangwere, Kansas City, Mo., for appellants.

Larry L. McMullen, of Blackwell, Sanders, Matheny, Weary & Lombardi, Kansas City, Mo., for appellees; William H. Sanders and David C. Trowbridge, Kansas City, Mo., on the brief.

Before MATTHES, LAY and HEANEY, Circuit Judges.

PER CURIAM.

On October 7, 1966, the Referee in bankruptcy entered an order, without notice to creditors, authorizing the sale and transfer of a life insurance policy, issued by Sun Life Assurance Co. of Canada on the life of James B. Anchors, president of the bankrupt corporation. At the time of the sale, the policy's cash surrender value of $1,723.60 was paid into the bankrupt's estate by the assignees who had originally invested in the bankrupt corporation. At the...

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