International Telephone and Telegraph Corporation v. Frank P. Holton, Jr., Trustee in Bankruptcy of Thomasville Furniture Corporation, Bankrupt

PARKER, Chief Judge.

This is an appeal in a bankruptcy case from an order subordinating the claims of the International Telephone & Telegraph Corporation, hereinafter referred to as I. T. & T., to the claims of general creditors of the bankrupt, Thomasville Furniture Corporation. The facts are set forth in detail in the report of the Referee in Bankruptcy approved by the District Judge. Those material to an understanding of the controversy may be stated briefly as follows:

The bankrupt corporation was organized in October 1946 to take over the Thomasville Furniture Company, the stock of which…