Farkas v. Katz

WALKER, Circuit Judge.

This is an appeal from an order confirming a composition providing for the payment of 15 per cent, cash on claims of unsecured creditors, offered by the bankrupt, David Katz, at the first meeting of creditors.

The bankrupt and the appellant had been partners in the retail clothing business at West Palm Beach, Fla. In April, 1929, the bankrupt bought from appellant the latter’s share in the business, paying appellant $5,-000 in cash and giving him three promissory notes for $500 each. In order to raise the amount paid to appellant in cash, the bankrupt borrowed $4,000'…