Alex E. Wilson v. Fred G. Stevenot, Trustee of Coastal Plywood & Timber Co., Debtor

HEALY, Circuit Judge.

Appellee was trustee in a Chapter X (11 U.S.C.A. § 501 et seq.) reorganization of Costal Plywood Company. He will hereafter generally be referred to as the trustee. Originally, in 1952, he undertook to formulate a plan of reorganization which would permit of the continued operation of Coastal. In 1953, however, his plan was rejected by Coastal’s creditors, and he then sought to sell the company’s assets to provide a fund for its creditors and stockholders. These assets consisted mainly of extensive timber holdings. In April of 1954 a sale of the holdings was consummated,…