Pierce Petroleum Corp. v. Osage Coal Co.

DIFFENDAFFER, C.

For a number of years, prior to June 1, 1918, a corporation known as the Osage Coal & Mining Company of McAlester, Okla., had been in the hands of a receiver in an action pending in the United States District Court of the Eastern District of Oklahoma. The action was for the foreclosure of a mortgage. The debts of the company consisted of $400,000 first mortgage bonds, with a large amount of past-due interest, and about $80,000 in unsecured notes and accounts payable. About June 1, 1918, the bondholders appointed a committee to arrange a plan for the reorganization of the…