In re J. B. & J. M. Cornell Co.
District Court, S.D. New York
-In Bankruptcy. Tn the matter of bankruptcy proceedings of the J. 13. & J. M, Cornell Company. On application for the confirmation of a bid for the bankrupt’s assets.
1Opinion of the Court
HOLT, District Judge.
Upon consideration, I think that the objections stated in the memoranda submitted in behalf of some of the unsecured creditors are insuperable. In the first place, the so-called bid is not strictly a bid at all. Tt does not offer to pay anything to the receivers. It is in form a proposition to have a *860new corporation take over all the assets of the bankrupt, except a few contracts, and then have the creditors of the bankrupt directly accept, in place of their claims against the bankrupt, unsecured obligations of the new corporation, payable at different dates in the…
2Cited by4 opinions
- Coriell v. Morris White, Inc.Court of Appeals for the Second Circuit · 1931
- In Re Standard Gas & Electric Co.District Court, D. Delaware · 1945
- In re Prudential Outfitting Co. of DelawareDistrict Court, S.D. New York · 1918
- In re Wayne Realty Co.District Court, N.D. Ohio · 1921