In Re American Coils Co.

KALODNER, Circuit Judge.

The issue on'this appeal is whether there existed, prior to reorganization, an enforceable contract between the claimant and the debtor reducing the claimant’s compensation for personal services he would render.

At the time involved, the claimant owned forty shares of the debtor’s stock, and was a vice president of the corporation. On December 31, 1946, he entered into a written agreement to serve the debtor as plant superintendent for one year commencing January 1, 1947, at an annual salary of $9,000, payable in weekly installments, plus a bonus of $3500', payable in…