Grover v. Merritt Development Co.

CANT, District Judge.

In the exercise of its general equity powers, this court, on August 30, 1921, appointed a receiver for the defendant, a Minnesota corporation. Such appointment was upon the express consent of the defendant. The regularity and Validity thereof is unquestioned. At the time of such appointment, the apparent assets of the defendant were considerable and the fixed liabilities were large in amount. Since such appointment, practically all of those assets have been converted into cash. The actual value proved to be mueh less than was anticipated. There is practically nothing…