Texas v. Tabasco Consol. Independent School Dist.

HOLMES, Circuit Judge.

This appeal is from an interlocutory decree confirming a plan of composition of the Tabasco Consolidated Independent School District of Texas under the provisions of Section 83, Chapter 9, of the Bankruptcy Act of 1898, as amended.1 The Reconstruction Finance Corporation, by purchase of 92.52 per centum of the bonded indebtedness of the district and acceptance of the proposed composition, conferred upon the proposal the consent requisite to judicial confirmation.2 The State of Texas, in behalf of the Texas State Permanent School Fund, the only non-consenting bondholder,…