In re McCrory Stores Corp.

PATTERSON, District Judge.

McCrory Stores Corporation was petitioned into bankruptcy on January 14, 1933. It had retail stores scattered over the country and did a business running into many millions. But it was committed on leases that called for the payment of larger rentals than it could pay, and in addition it owed obligations of eight millions to creditors. The business had been conducted at a loss and altogether the situation was a most complex one. The Irving Trust Company was appointed receiver and later, trustee in bankruptcy, taking over the op-, eration of the business. On July 5,…