In re New York Commercial Co.
Court of Appeals for the Second Circuit
Petition to Revise Order of the District Court of the United States for the Southern District of New York. In the matter of the New York Commercial Company. On petition to revise an order modifying an-allowance of commissions to the trustee.
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Petition to Revise Order of the District Court of the United States for the Southern District of New York. In the matter of the New York Commercial Company. On petition to revise an order modifying an-allowance of commissions to the trustee. This case comes here on petition to revise an order of the District Court which reversed an order of the referee in bankruptcy allowing the trustees the sum of $10,000 as commissions upon the proceeds of a sale of rubber which resulted in a profit of $50,000 upon the volume of business transacted, which was about $900,000. The District Judge based his…
1Opinion of the Court
COXE, Circuit Judge.
There is no question that the trustees performed valuable services for the estate which resulted in a profit of $50,000. The question here is one of, power—had the referee the right, under the provisions of the Bankruptcy Act, to make the award of $10,000 in question?
Section 48a provides what the trustees’ compensation shall he. It is based on all moneys disbursed or turned over to any person, including lienholders, by the trustees. The percentage is such as may be allowed by the courts, not to exceed 6 per centum on the first $500, 4 per centum on moneys in excess of that…
2Cases cited1 opinion
- American Surety Co. v. FreedCourt of Appeals for the Third Circuit · 1915
3Cited by5 opinions
- In Re New England Fish Co.United States Bankruptcy Court, W.D. Washington · 1983
- In the Matter of George J. Schautz, BankruptCourt of Appeals for the Second Circuit · 1968
- In re Morris Bros.District Court, D. Oregon · 1925
- In Re Higgin Mfg. Co.District Court, E.D. Kentucky · 1937
- In Re Music Merchandisers, Inc.United States Bankruptcy Court, M.D. Tennessee · 1991