In the Matter of Randolph-Wells Building Corporation, Debtor. Ethel M. Boese v. Randolph-Wells Building Corporation and Lasalle National Bank

MAJOR, Circuit Judge.

Appellants (petitioners), are twenty-four individuals who are the original owners, or own or have an ownership interest through inheritance or devise from original owners, of certificates of deposit representing first mortgage bonds issued in 1927, by City State Safe Deposit Company, an Illinois corporation (City State).

The present debtor, Randolph-Wells Building Corporation (Randolph-Wells) is the corporate successor to City State and came into being as the result of the latter’s reorganization under Section 77B of the Bankruptcy Act in 1935-1936 (No. 7034).…