Stolman v. Boston Furniture Co.

An involuntary petition in bankruptcy was filed against Frank J. Resnikoff, to whom reference is hereinafter made as Resnikoff, who was engaged in the furniture business. A settlement of his debts was effected with his creditors by a composition of 22% per cent., of which 15 per cent, was payable in cash and 7% per cent, in notes. The necessary cash was loaned to Resnikoff by Benjamin Stolman and Isadore Opper under a written agreement, by the terms of which Resnikoff was to secure them for such loans. It was agreed that he would cause to be organized a corporation named The Boston Furniture…