Wymard v. McCloskey & Co.

WOOD, District Judge.

This is a suit on a contract for money due and owing Kemmel & Co., Inc. by McCloskey & Co., Inc.1 The plaintiffs are the receivers of Kemmel, having been appointed by the Court on March 2, 1960. It appears that the primary cause of the bankruptcy of Kemmel has been the defendant’s refusal to pay Kemmel the alleged debt.

The defendant has moved to stay this suit pending the outcome of certain arbitration procedures provided for in the contract between the parties: According to the contract, plaintiffs may not resort to the courts until the arbitration procedures have been…