Continental Ins. Co. v. Louisiana Oil Refining Corp.

SIBLEY, Circuit Judge.

Louisiana Oil Refining Corporation, claiming to be a debtor unable to meet its debts as they mature, filed its petition for a reorganization of itself and a subsidiary corporation wholly owned by it under Bankruptcy Act § 77B (11 U.S.C.A. § 207). The plan offered was, after a year’s delay, amended and confirmed. Three appeals are before us: one by common stockholders, one by a preferred stockholder who consistently opposed the plan, and one by a group of preferred stockholders who constitute a majority, the most of whom at first consented to the plan but withdrew consent…