In re the Accounting of Snyder

There are two specific objections made, and these by one creditor only, the Standard Refining Company, to the confirmation of the referee’s report passing upon the receivers’ accounts: (1) That a certain issue of bonds by the insolvent company, to the amount of about $900,000, in January, 1894, is illegal; (2) that the referee erred in allowing a general creditor not only a share in the assets of the company as such creditor, but also a dividend upon her interest in bonds held by a trustee, in pursuance of an agreement between the insolvent company and the said creditor, as security for the…