In Re Olympic National Agencies, Inc.

This is an appeal from a decree instructing the liquidating trustee to distribute the assets of Olympic National Agencies, Inc., after the preference of the preferred stock is satisfied, to the common and preferred stockholders on a pro rata basis.

Olympic National Agencies, Inc. (hereinafter referred to as Agencies), was organized as Olympic Mutual Agencies, Inc., in 1935, with an authorized capitalization of 1,980 shares of preferred stock ($50 par value) and 2,000 shares of common stock (no par value). The initial capital of the corporation after formation consisted chiefly of (1) an…