Pyrites Co. v. Silica Gel Corp.

CHESNUT, District Judge.

The defendant, the Silica Gel Corporation, is in this court in federal equity receivership. The creditors’ bill did not expressly allege insolvency or pray for immediate liquidation but represented that the corporation was unable to meet current indebtedness and that its available assets consisted principally of commercially undeveloped patents and that receivership was necessary to conserve its assets for the ultimate benefit of all creditors. The corporation consented to the receivership by a vote of the majority of its board of directors but a minority thereof…