In re the Liquidation of National Surety Co.

This is an appeal by Commercial Investment Corporation from an order entered April 4, 1936, disapproving the acceptance by the Superintendent of Insurance, as liquidator of the National Surety Company, of its bid in the sum of $10,031,000 for the stock of the National Surety Corporation. The order as entered not only provided for the rejection of appellant’s bid, but in addition thereto, contained an authorization, but not a direction to the Superintendent of Insurance to sell seventy per cent of the stock to the Bancamerica-Blair Corporation for $101.50 per share.

A résumé of the facts is…