Consumers' Co. v. Goodrich Transit Co.

EVANS, Circuit Judge.

This appeal is from a decree denying appellant’s two petitions, on'e for permission to foreclose a mortgage in admiralty and the other to have the earnings of the steamship Alabama segregated and held for.the benefit of the first mortgage bondholders for whom appellant was acting as trustee. ,

The facts: At the instigation of Consumers Company, a large creditor, receivers *973were duly appointed for the Goodrich Transit Company, hereinafter called the debtor company. The property of this company originally consisted of six steamships (of which only one, the Alabama, was within…