Killeen v. Boland, Gschwind Co.

The Boland, Gschwind Company, Limited, was a manufacturer of steel products in the city of New Orleans. As a result of financial losses, the appointment of receivers became necessary, and Thomas Killeen and Edward Schwartz were appointed. At first the receivers were authorized to continue the business of the corporation, and were granted quite full powers in this respect, but after a while it was seen that the business could not be operated successfully. A rule was then taken on the receivers to show cause why the assets of the corporation should not be sold, the ‘proceeds of the sale…