Phelan v. Middle States Oil Corp.

FRANK, Circuit Judge,

dissenting (as to the liability of Glass).

My colleagues concede that if Glass, as receiver of UOP, violated his duty of undivided loyalty to any of the bondholders of that company, then he had the burden of proof as to most of the matters now before us, and that then many of Judge Smith’s findings, favorable to Glass, do not stand up but are “clearly erroneous.” My colleagues also concede, in effect, that whichever side in this litigation had that burden must lose the decision. I dissent primarily1 2be-cause I think that Glass was not (as my colleagues say he was)…