A. B. Leach & Co. v. Grant

MOORMAN, Circuit Judge.

The appellant, A. B. Leach & Co., purchased an issue of bonds, of the par value of $1,500,000, from the Struthers Furnace Company on May 15, 1922, for which the Struthers Company accepted in part payment 3,000 shares of its own preferred stock at the agreed price of $85 a share. In January of 1925 Hugh Grant was appointed receiver for the Struthers Company by the common pleas court of Mahoning county, Ohio, and in August of 1925 he brought this suit to recover from Leach '& Co. the bonds which it received in exchange for the 3,000 shares of stock, asking the alternative…