In re Townsend

WOOLLEY, Circuit Judge.

Townsend, with assets of $390,000 and liabilities of $250,000, became involved in his building operations. He called a meeting of his creditors, asked for an extension of their claims and offered to submit his business to their supervision until payment. Acceding to his proposal, the creditors present appointed a Creditors’ Committee which engaged Fox & Rothschild, attorneys, to prepare the necessary papers and render such other professional services as might be required of them during the period of the extension. Their employment was made with the full knowledge and…