Boyum v. Johnson

JOHNSEN, Circuit Judge.

Iver J. Boyum, the managing officer and controlling stockholder of the bankrupt corporation, has appealed from the order of the District Court made upon a review of his claims against the bankrupt estate.

The Referee had allowed Boyum’s claims in the sum of $49,210.58, without any set-off on the part of the bankrupt corporation. Of this amount, $424.11 was for services as secretary of the corporation $1,213.80 was for salary as general manager, and $47,572.67 was for cash advances made to the corporation, evidenced by promissory notes. A minority stockholder owning three…