Alan Levin Foundation v. Bowles

MARIS, Chief Judge.

The complainant is a New Jersey nonprofit corporation organized for charitable purposes. It became the owner of 2,250 shares of the stock of The American Distilling Company. During the year 1943 The American Distilling Company instituted a plan for the distribution of packaged *469■whiskey to its stockholders. Under a trust indenture dated December 11, 1943 The American Distilling Company transferred ■warehouse receipts representing approximately 4,500,000 cases of whiskey to a trustee for the purpose of the sale of that whiskey to stockholders at prices equivalent to the…