KOELSCH, Circuit Judge.
Producers Livestock and Loan Company, Inc. was ordered into receivership on January 7, 1966, shortly after defaulting in the redemption of the first series of its "8% Callable Debentures." It had been incorporated approximately five years before and, during its relatively short business life, had raised $735,000 by public sale of these "Debentures" — essentially unsecured promissory notes.
The prosecution which gives rise to...
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