American Engineering Co. v. Metropolitan By-Products Co.
Court of Appeals for the Second Circuit
Appeal from the District Court of the United States f&r the Eastern District of New York. Suit by the American Engineering Company against the Metropolitan By-Products Company, Inc. From a decree distributing the fund after appointment of receiver, the Title Guarantee & Trust Company, as trustee, the Columbia Trust Company, as trustee, Prank Bailey and others, as a committee of bond holders and preferred note holders, and Robert H. Davis and another, as a committee of…
Read the full summary
Appeal from the District Court of the United States f&r the Eastern District of New York. Suit by the American Engineering Company against the Metropolitan By-Products Company, Inc. From a decree distributing the fund after appointment of receiver, the Title Guarantee & Trust Company, as trustee, the Columbia Trust Company, as trustee, Prank Bailey and others, as a committee of bond holders and preferred note holders, and Robert H. Davis and another, as a committee of general creditors, appeal.
1Opinion of the Court
WARD, Circuit Judge.
December 22, 1915, the city of New York advertised for bids for a contract to dispose of its garbage for five years.
April 1st the firm of Gaffney, Gahagan & Van Etten arranged with the banking firm of J. H. McClement & Co. that if they were awarded the contract by the city they would organize a company to carry it out, and the bankers agreed to buy $1,000,000 of the first mortgage bonds of the company for $950,000 and to sell second mortgage bonds to the amount of -$800,000 for cash. For the protection of the bondholders it was further agreed that the bankers or a trust…
2Cases cited2 opinions
- In re J. B. & J. M. Cornell Co.District Court, S.D. New York · 1912
- Westinghouse Electric & Mfg. Co. v. Brooklyn Rapid Transit Co.Court of Appeals for the Second Circuit · 1919
3Cited by10 opinions
- The WabashDistrict Court, D. Connecticut · 1922
- American Engineering Co. v. Metropolitan By-Products Co.Court of Appeals for the Second Circuit · 1921
- Mid-Continent Supply Co. v. ConwayCourt of Appeals of Texas · 1951
- Cox v. SnowIdaho Supreme Court · 1929
- Rhode Island Hospital Trust Co. v. S. H. Greene & Sons Corp.Supreme Court of Rhode Island · 1929
5 more not listed; retrieve them via the Exa API.