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LOWDER v. ALL STAR MILLS, INC.

Nos. 67, 112.

273 S.E.2d 247 (1981)

Malcolm M. LOWDER, Mark T. Lowder and Dean A. Lowder v. ALL STAR MILLS, INC. et al Malcolm M. LOWDER v. ALL STAR MILLS, INC., Lowder Farms, Inc. et al

Supreme Court of North Carolina.

January 6, 1981.

Attorney(s) appearing for the Case

Moore & Van Allen by John T. Allred and Jeffrey J. Davis, Charlotte, for plaintiffs.

Delaney, Millette, Dearmon & McKnight, P.A., by Ernest S. Delaney, Jr., Charlotte, for defendants.

BRANCH, Chief Justice.

Defendants first contend that the initial order appointing operating receivers was void. They maintain that the statutory authorization for appointing an operating receiver for a corporation requires a finding that the corporation is either insolvent or "is in imminent danger of insolvency." G.S. 1-507.1. They concede that Finding of Fact Number 28 states specifically that "the corporate defendants are in imminent danger of becoming insolvent...

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