In re Adamson

MANTON, Circuit Judge.

On October 24, 1934, appellant filed a petition for composition under section 74 of the Bankruptcy Act, as amended in 1934 (11 U.S.C.A. § 202). In the accompanying schedules, he detailed, among others, a debt to the American Seating Company on a note for $100,000 and a debt to his brother Percy for $40,000. The debtor had an action against Percy for an accounting pending in the New York Supreme Court, continued by order of the bankruptcy court. At a meeting on January 31, 1935, he made an offer of composition which provided for a cash payment of 20 per cent, or a larger…