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IN RE TIME SALES FINANCE CORPORATION

No. 18739.

432 F.2d 416 (1970)

In the Matter of TIME SALES FINANCE CORPORATION and its wholly owned subsidiary corporations, Chateau Realty Corporation and Marpoole, Inc., Bankrupts. Appeal of DEBENTURE HOLDERS COMMITTEE.

United States Court of Appeals, Third Circuit.

Decided August 28, 1970.

Attorney(s) appearing for the Case

Norman J. Kalcheim, Abrahams & Lowenstein, Robert D. Abrahams, Philadelphia, Pa., for appellant.

Sidney Chait, Adelman & Lavine, Philadelphia, Pa., for appellee.

Before BIGGS, STALEY and ADAMS, Circuit Judges.

OPINION OF THE COURT

STALEY, Circuit Judge.

Time Sales Finance Corporation filed its petition for arrangement under Section 322 of Chapter XI of the Bankruptcy Act (hereinafter "the Act"), 11 U.S.C. § 722 (1964 ed.). The creditors were notified by the referee of a first meeting at which they could, inter alia, nominate a trustee. At the meeting held on May 7, 1968, Mr. Raymond R. Walsh, who at that time was the duly appointed receiver of the debtor...

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