Graselli Chemical Co. v. Ætna Explosives Co.
Court of Appeals for the Second Circuit
Appeal from the District Court of the United States for the Southern District of New,York. Bill by the Graselli Chemical Company against the TEtna Explosives Company, Incorporated, on which a receiver was appointed. From an order staying any action at a stockholders’ meeting, except adjournment, Addison G. Fay and another appeal.
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Appeal from the District Court of the United States for the Southern District of New,York. Bill by the Graselli Chemical Company against the TEtna Explosives Company, Incorporated, on which a receiver was appointed. From an order staying any action at a stockholders’ meeting, except adjournment, Addison G. Fay and another appeal. The complainant, a general creditor of the defendant, filed a bill in equity on April 19, 1917, praying for the appointment of receivers of the defendant. The bill alleged: That the defendant was furnishing large quantities of explosives to the Allied Powers in the…
1DissentWard, Circuit Judge
When a court is selling the whole property of a corporation under a decree of foreclosure, with a view to distributing the proceeds of sale among the parties entitled, it may properly look into the fairness of any plan of reorganization under which the property has been purchased or is proposed to be purchased. In other words, the court will affirm the sale if the terms of the reorganization agreement are fair, and will refuse to do so if they are not. Such decisions are relied on to support the order of the District Court. Western Union Telegraph Co. v. United States & Mexican Trust Co., 221…
2Cases cited4 opinions
- Western Union Telegraph Co. v. United States & Mexican Trust Co.Court of Appeals for the Eighth Circuit · 1915
- Guaranty Trust Co. of New York v. Missouri Pac. Ry. Co.District Court, E.D. Missouri · 1916
- Fearon v. Bankers' Trust Co.Court of Appeals for the Third Circuit · 1916
- Davidson v. American Blower Co.Court of Appeals for the Second Circuit · 1917