Guaranty Trust Co. v. International Steam Pump Co.
Court of Appeals for the Second Circuit
Appeal from the District Court of the United States for the Southern District of New York.' Suit in equity by the Guaranty Trust Company of New York, trustee, against the International Steam Pump Company. Decree for complainant, from which Gilbert Collins, as foreign receiver, appeals.
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Appeal from the District Court of the United States for the Southern District of New York.' Suit in equity by the Guaranty Trust Company of New York, trustee, against the International Steam Pump Company. Decree for complainant, from which Gilbert Collins, as foreign receiver, appeals. The following is the opinion of Mayer, District Judge, confirming the report of the master: It is unnecessary to add much to the literature of this proceeding, for the report of the special master, in whose conclusions I concur, is at once concise and comprehensive, and the hearing before him was conducted…
1Per curiam
[2,3] We are satisfied that the directors of the International Steam Pump Company were honestly desirous to keep the corporation a going concern and that they consented to the receiv*604ership under the creditors’ bill filed August 26, 1914, only because their efforts to do so had been unavailing. The situation of the company had been .most precarious for some time past, and the financial situation of the country threatened to be unfavorable to debtors and to borrowers in the future. There is not a vestige of evidence that the Steam Pump Company or its directors colluded with the bondholders or…
2Cited by9 opinions
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- In Re Paramount-Publix CorporationDistrict Court, S.D. New York · 1934
- Lincoln Printing Co. v. Middle West Utilities Co.Court of Appeals for the Seventh Circuit · 1935
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