In re Benwood Brewing Co.
District Court, N.D. West Virginia
In Bankruptcy. In the matter of the Benwood Brewing Company, bankrupt. The bankrupt corporation issued bonds for $60,000, and secured the same by deed of trust upon all its real estate plant and fixtures. Nineteen thousand dollars of these bonds were sold for value. The remainder of them were hypothecated to secure sums borrowed at 50 cents on the dollar. The company became largely indebted to unsecured creditors, who were threatening suits.
Read the full summary
In Bankruptcy. In the matter of the Benwood Brewing Company, bankrupt. The bankrupt corporation issued bonds for $60,000, and secured the same by deed of trust upon all its real estate plant and fixtures. Nineteen thousand dollars of these bonds were sold for value. The remainder of them were hypothecated to secure sums borrowed at 50 cents on the dollar. The company became largely indebted to unsecured creditors, who were threatening suits. In this condition of affairs, Michael Agnic, in fact a stockholder, bondholder, creditor, and president of the company, presented to the circuit court of…
1Opinion of the CourtDayton, District Judge
(after stating the facts as above). The main controversy here is between the bondholders and the state receiver and creditors representing debts incurred by him as such receiver.
The bondholders insist that their prior vested lien upon the corpus of the property cannot be impaired or diminished by payment of the state receiver’s compensation for services rendered by him, his counsel fees, and debts incurred by him. They base this contention upon substantially two grounds: First, because the circuit court of Marshall county had no jurisdiction to appoint Ridenour receiver because of lack of…
2Cases cited13 opinions
- Kneeland v. American Loan & Trust Co.Supreme Court of the United States · 1890
- Thomas v. Western Car Co.Supreme Court of the United States · 1893
- Southern Railway Co. v. Carnegie Steel Co.Supreme Court of the United States · 1900
- Gregg v. Metropolitan Trust Co.Supreme Court of the United States · 1905
- International Trust Co. v. United Coal Co.Supreme Court of Colorado · 1900
8 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Riehle v. MargoliesSupreme Court of the United States · 1929
- Morgan Bros. v. Dayton Coal & Iron Co.Tennessee Supreme Court · 1915
- Smith v. Shenandoah Valley Nat. Bank of Winchester, VACourt of Appeals for the Fourth Circuit · 1917
- American Engineering Co. v. Metropolitan By-Products Co.Court of Appeals for the Second Circuit · 1921
- In Re James Butler Grocery Co.Court of Appeals for the Second Circuit · 1938