Semans v. United Lumber Co.

Opinion by

Me. Justice Kephart,

Palmer & Semans Lumber Company owned all the capital stock of the United Lumber Company, and the latter concern owned the United Railway and other allied companies. In January, 1915, receivers were appointed for the United Lumber Company, and subsequently for its allied concerns. A statement of assets was filed, showing property apparently worth some $750,000. To the first account of September, 1919, an auditor was appointed to pass on the exceptions of creditors thereto. His interlocutory report in 1921 made a ten per cent partial distribution to creditors of…