First Trust Co. v. Illinois Cent. R.
Court of Appeals for the Eighth Circuit
Appeal from the District Court of the United States for the Northern District of Iowa; Henry T. Reed, Judge. Suit in equity by the First Trust Company, as trustee, against the Crooked Creek Railroad & Coal Company, in which the Illinois Central Railroad Company, the Chicago & Northwestern Railway Company, and the Northern Pacific Railway Company separately intervened. From the decree for interveners, complainant appealed.
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Appeal from the District Court of the United States for the Northern District of Iowa; Henry T. Reed, Judge. Suit in equity by the First Trust Company, as trustee, against the Crooked Creek Railroad & Coal Company, in which the Illinois Central Railroad Company, the Chicago & Northwestern Railway Company, and the Northern Pacific Railway Company separately intervened. From the decree for interveners, complainant appealed. Reversed in part (252 Fed. 965,-C. C. A. -), and interveners petition for rehearing.
1Per curiam
The three grounds upon which the appellees in their petition for rehearing insist that their claims are entitled'to be paid in priority to the mortgage bonds are:(1) That the bonds were issued in payment for stock of the corporation at a time when it was insolvent, or at least that the transaction rendered it insolvent, and that for this reason the bonds are to be subordinated to the claims of all creditors, both existing and subsequent.(2) That the bondholders were in control of the corporation when the claims of the interveners originated, and for that reason the claims should be paid…
2Cases cited19 opinions
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- In re Fechheimer Fisher Co.Court of Appeals for the Second Circuit · 1914
- First National Bank v. Gustin Minerva Consolidated Mining Co.Supreme Court of Minnesota · 1890
- Burnes v. BurnesCourt of Appeals for the Eighth Circuit · 1905
- Maryland Trust Co. v. National Mechanics BankCourt of Appeals of Maryland · 1906
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3Cited by11 opinions
- In the Matter of Flying Mailmen Service, Inc., Bankrupt. Charles Gold v. Herbert K. Lippman, Trustee in Bankruptcy of Flying Mailmen Service, Inc.Court of Appeals for the Second Circuit · 1976
- In Re Bell Tone Records, Inc.District Court, D. New Jersey · 1949
- Edward G. Reiner v. Washington Plate Glass Co., IncCourt of Appeals for the D.C. Circuit · 1983
- In Re Dawson Brothers Construction Co.District Court, N.D. New York · 1963
- Corporate Jet Aviation, Inc. v. Vantress (In Re Corporate Jet Aviation, Inc.)United States Bankruptcy Court, N.D. Georgia · 1985
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