Hoos & Co., Claimant-Appellant v. Dynamics Corporation of America, Debtor-Appellee

OAKES, Circuit Judge:

This is an appeal of Hoos & Co. (claimant or Hoos) from a decision and order of the United States District Court for the Southern District of New York, Charles E. Stewart, Jr., Judge. That decision and order dismissed an appeal from an order of Bankruptcy Judge Edward J. Ryan which disallowed Hoos’ $200,000 claim against Dynamic Corporation of America (debtor or Dynamics), a Chapter XI debtor. We affirm.

I. Facts

In September, 1968, Marine Midland Bank-New York (Marine-New York) acquired in a private placement $500,000 of debtor’s negotiable notes. Of these, $200,-000…