In re Michel

AUGUSTUS N. HAND, Circuit Judge.

This appeal comes up from an order of the District Court confirming the report of a referee in bankruptcy and granting a discharge to the bankrupt, Louis Michel. The referee found that equities belonging to Michel, which had been substantial during times of business expansion, were wiped out in the succeeding depression. While the referee found generally that the testimony of Michel was truthful, he did not analyze or attempt to reconcile in any satisfactory way flagrant inconsistencies and essentially incredible evidence offered on behalf of the bankrupt. The…