Ely v. Credit Men's Adjustment, C., Bureau

Fred Wolf Millwrighting and Machine Company was a one-man concern controlled by Fred Wolf. He and his wife each held four hundred and thirty-two shares of the capital stock and employes held forty-five shares. He, his wife and some of the employes formed the board of directors. Without consulting them, Wolf, in the name of the company, made an assignment of all the corporate property for the benefit of creditors to the Credit Men's Adjustment and Interchange Bureau. The assignee converted the property into cash, paid the creditors in full and has a small balance on hand. The bill was filed by…