In re Morris White Handbags Corp.

SWAN, Circuit Judge.

The facts necessary to an understanding of this appeal are somewhat complicated. In April, 1931, an equity receivership suit was begun against Morris White, Inc., a corporation engaged in the manufacture and sale of ladies’ handbags, and on June 15, 1931, a decree was entered therein authorizing the sale of the assets of Morris White, Inc.) under a plan of reorganization. This contemplated the formation of the Morris White Handbags Corporation (which later became the bankrupt in the case at bar), the transfer to it of all the assets of Morris White, Inc., and the payment…