In re Postal Telegraph & Cable Corp.

After appointment the trustees for the debtor obtained an order from the court authorizing them to consummate negotiations with the National City Bank of New York to finance a loan to the Mackay Radio & Telegraph Company of Delaware, a corporation indirectly owned by the debtor, whereby the interest rate on the note of the Mackay Radio & Telegraph Company to the bank in the sum of $2,-660,073.46, dated March 25, 1935, was reduced from 5 to 3 per cent, for the year ending December 25, 1936, and whereby the claim of the bank on the note was subordinated to the amount of advances made by the…