National Surety Co. v. Coriell

Mr. Justice Brandéis

delivered the opinion of the Court.

This case involves the validity of the reorganization of Morris White, Inc., pursuant to a decree of the federal court for southern New York. The old company, a New York corporation, is said to have been the largest manufacturer in the world of ladies’ handbags and fancy leather goods. For many years prior to 1930 the business had -been very profitable. Then, the company became financially embarrassed, partly through cancellation of orders due to the general depression, partly through Withdrawals of large sums by Morris Whit.e for.…