In re Atlantic Const. Co.
District Court, S.D. New York
Iii the matter of the Atlantic Construction Company, bankrupt. On motion by the bankrupt to confirm a composition. Motion to confirm a composition.
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Iii the matter of the Atlantic Construction Company, bankrupt. On motion by the bankrupt to confirm a composition. Motion to confirm a composition. The adjudication was on October 1, 1914; the offer of 75 cents in composition was filed with the referee on August 20, 1915; the petition for confirmation of the composition, which had been accepted under section 12b, was filed on December 15, 1915. The question is whether the bankrupt’s deposit must include those claims proved after October 1, 1915, or only those filed before; the referee has declined a certificate until the deposit covers all…
1Opinion of the Court
LEARNED HAND, District Judge.
A composition arises from the acceptance of an offer to the creditors to purchase the estate. In this case the offer was made before the year was up, and it can only be interpreted as made at that time to all those who are shown on the schedules. The bankrupt could not tell who would prove before October 1, 1915. It could not have been within his purpose, therefore, to exclude A., B., or C., who might fail to do so. There is no administrative reason why failure to prove should work a forfeiture of the offer so made. When the estate is to be administered it is…
2Cases cited5 opinions
- In re LaneDistrict Court, D. Massachusetts · 1902
- In re RiderDistrict Court, N.D. New York · 1899
- In re FrenchDistrict Court, D. Massachusetts · 1909
- In re HarveyDistrict Court, E.D. Pennsylvania · 1906
- In re BkownDistrict Court, D. Colorado · 1903
3Cited by9 opinions
- Nassau Smelting & Refining Works, Ltd. v. Brightwood Bronze Foundry Co.Supreme Court of the United States · 1924
- Burton Coal Co. v. Franklin Coal Co.Court of Appeals for the Eighth Circuit · 1933
- In re LenoxDistrict Court, W.D. Pennsylvania · 1924
- In re Watman, Konopolsky & BernsteinDistrict Court, S.D. New York · 1923
- Wechsler v. United StatesCourt of Appeals for the Third Circuit · 1928
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