Utilities Power & Light Corp. v. Irving Trust Co.

L. HAND, Circuit Judge.

The bankrupt was one of a series of holding and operating companies closely interwoven in interest, and collectively engaged in furnishing' eleetrie power and light to cities in the eastern part of the United States. The National Electric Power Company, another of the series, was the final holding company, owning, along with shares in other subsidiaries, 96 per cent, of the shares of the bankrupt. The Seaboard Public Service Company was in the same relation to the bankrupt, as the bankrupt to the National Electric Power Company; the bankrupt held 99 per cent, of its…